Record Corn Production, Higher Soybean Demand Reported in USDA Outlook

USDA released its first forecast on the 2022-2023 crops Thursday, placing corn production at record yield but with lower prices for both corn and soybeans. Corn acreage is pegged at 92 million acres and soybeans at 88. The Grain and Oilseed Outlook placed corn production at 15.24 billion bushels, 1% higher than last year. Soybeans are pegged at 4.5 billion bushels, also up 1% from last year. Meanwhile exports are tagged higher for soybeans, but lower for corn. Though it should be noted that the outlook was released before the overnight invasion of Ukraine by Russia that has since sent prices spiking.

Read more on USDA’s Grain and Oilseed Outlook here.