Commodity Blog

Oct 17 2023

Barchart Expects Corn and Soybean Yields to Exceed USDA's Latest Projections

In the world of agriculture, few things are as crucial as accurate crop forecasts. Today, Barchart has unveiled its October 2023 Crop Production and Yield Forecasts for corn and soybeans in the United States. These forecasts offer valuable insights into what lies ahead for these crops.

The most recent report indicates that the end-of-season corn yield is projected to be 177.3 bushels per acre, surpassing the USDA's most recent forecast by 4.4 bushels per acre. This year's corn production has been greatly influenced by weather conditions. According to GroIntelligence, many areas experienced notable rainfall shortages in June, followed by substantial surpluses in July. In August, there was a recurrence of precipitation deficits in much of the central Corn Belt.

 The latest report sees end-of-season yield at 50.4 (bu/ac) for soybeans, which is .8 (bu/ac) below the USDA's most recent forecast.  According to the USDA, 97% of soybeans in the top 18 soybean-growing states are dropping leaves, up from 93% the previous week and ahead of the five-year average of 93%.

Barchart’s Production and Yield Forecasts are a series of crop forecasts generated by our proprietary machine learning models that leverage satellite imagery and other geospatial intelligence.  Our forecasts are recalculated every day from June to the end of harvest based on new information from remote sensing devices and observations from recent weather conditions for each growing area. Thousands of individual estimates for production, yield, and harvested area are updated each day.  

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.

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