Commodity Blog

Jun 6 2023

Initial Estimates for US Crop Production and Yield Forecasts Have Just Been Released!

Get ready! It's that exciting time of the year when we unveil our much-anticipated 2023 Crop Production and Yield Estimates! Brace yourselves for the latest scoop on what's happening in the world of corn and soybean production!  In a riveting twist, our initial forecasts reveal a slight decline in corn and soybean levels compared to the estimations by the USDA. 

The initial forecasts see end-of-season U.S. corn production at 15B bu with a yield of 177.9 bu/ac. This compares to the USDA’s 15.3B bu of production and 181.5 bu/ac yield.  

The initial forecasts see end-of-season U.S. soybean production at 4.4B bu with a yield of 50.6 bu/ac.  This compares to the USDA’s 4.5B bu of production and 52 bu/ac yield.  

Now, let's rewind a bit to last year. Oh, what a rollercoaster ride it was! Unfavorable weather conditions in the Corn Belt played the villain, dampening our hopes for robust production. But this year brings a fresh wave of optimism. The stage is set for a turnaround, fueled by the stellar planting progress and the anticipated arrival of the El Niño weather system, indicating a more promising outlook for crop production in 2023.  

Here at Barchart, we're all about empowering our users with top-notch insights and decision-making support. Our Crop Production and Yield Forecasts are your secret weapon, offering an edge in crop marketing and ingredient purchasing decisions before the USDA's traditional forecasts hit the scene. You heard that right! We offer bi-weekly crop production forecasts to the public absolutely free of charge while enterprise data and cmdtyView Pro clients can take advantage of daily forecast updates.  When combined with best-in-class cash grain pricing and localized basis forecasts, Barchart is able to provide clients with more information and tools to analyze commodity markets.

To learn more about Barchart’s Crop Production Forecasts or to receive API access, please visit our website.  To request a trial to cmdtyView Pro, our leading commodity trading platform, please click here.  

Additionally, we invite you to join us at Barchart's 3-day Grain Merchandising and Technology Conference in Downtown Nashville this September, which will feature product demos, panel discussions, industry awards, a charity golf outing, and many networking opportunities. Take advantage of our early-bird ticket offer, available until June 15, by visiting our event website.

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