Commodity Blog

Nov 21 2023

Barchart Predicts Corn and Soybean Yield Will Exceed The USDA’s Latest Forecast

Hey there, agriculture aficionados and crop connoisseurs! Buckle up, because we've got some exciting news!  We just released our November 2023 Crop Production and Yield Forecasts for US corn and soybeans.  

The most recent report sees end-of-season yield at 183.7 (bu/ac) for Corn, which is 8.8 (bu/ac) above the USDA’s latest forecast. The 2023 corn crop faced late spring snow, early fall snow, a sprinkle of unpredictable rainfall, and a dash of summer drought. According to the USDA, corn harvest is 93% complete, compared to 88% last week, 96% last year, and the five-year average of 91%.

The latest report sees end-of-season yield at 52.0 (bu/ac) for soybeans, which is 2.1 (bu/ac) above the USDA's most recent forecast. 

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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