In Thursday’s supply/demand report, USDA forecast corn production at 15.1 billion bushels with an average yield of 173 bushels per acre. Production is down ten percent from last year, but in line with trade expectations. The corn yield is a half-bushel below the average trade guess. USDA raised the average price a nickel to $4.95 per bushel. Soybean production is estimated at 4.1 billion bushels, down four percent from 2022 but in line with trade expectations. Soybean yields are expected to average 49.6 bushels per acre. That’s down from just over 50 bushels per acre in the September report.
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