Corn and soybean production and yield figures were reduced in the latest USDA Crop Production and World Agricultural Supply and Demands Estimate (WASDE), released September 12. The surprising report for soybeans caused prices to jump 70 cents soon after the bullish report was made public.
• Corn – Production was reduced by 415 million bushels (8% drop, 13.94 billion bushels), yields reduced by 2.9 bushels per acre (172.5 bpa total). Total planted acres are estimated at 88.6 million.
• Soybeans – Production was reduced by 153 million bushels (4.378 billion bushels), yields reduced by 1.4 bushels per acre (50.5 bpa total). Total planted acres are estimated at 87.5 million.
• Cotton – Production was reduced to 4.38 bullion bushels, down 21% from 2021. Total planted areas are estimated at 13.8 million (11% over prior estimate).
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