Corn and Soybean Production Estimates Slightly Higher for 2022

Forecasts for 2022 commodity prices and production were unveiled at the Agricultural Outlook Forum at the end of February. USDA Chief Economist Seth Meyer says grains and oilseed prices remain high, driven by sharply lower soybean production in South America and continued strong worldwide demand.

Corn production is projected at a record 15.24 billion bushels, or 1% above last year. Yield projection is at 181 bu/acre based on weather-adjusted trends. The season-average corn price by producers is estimated down 45 cents to $5/bushel. Soybean acre forecasts are at 88 million, slightly above last year’s planted acres of 87.2 million. Yield projection is estimated at 51.5 bu/acre.

Global events like South American drought and the ongoing Russian invasion of Ukraine will continue impacting U.S. markets for the foreseeable future.

Read more on early crop balance sheets here.