The USDA Annual Crop Production Report pegged the 2022 U.S. corn production at 13.730 billion bushels. This is far below the December estimate of 13.930 billion bushels. The trade’s expectation was 13.933 billion bushels.
The U.S. corn yield average was pegged at 173.3 bushels per acre. This is above the trade’s expectation of 172.5 bushels per acre. Last month, USDA pegged yield at 172.3 bushels per acre. However, harvested corn acres were reduced by 1.6 million from the December estimate.
For soybeans, the USDA pegged production at 4.276 billion bushels. In December, USDA estimated production at 4.346 billion bushels. The trade’s expectation was 4.362 billion bushels.
For yield, the soybean average is pegged at 49.5 bushels per acre vs. the trade’s expectation of 50.3 bushels per acre and last month’s estimate of 50.2 bushels per acre. Harvested soybean acres were also cut by 300,000.
In a separate report, USDA estimated 2023 winter wheat planted acres at 36.950 million acres. This is 11% higher than 2022 and above what traders expected, which was 34.485 million acres.