Market Information
January 12, 2024 |
Basting: USDA’s January WASDE Report ‘Negative’ for Grain Markets
The USDA released its World Agricultural Supply and Demand Estimates Report (WASDE) for January 2024 on Friday, Jan 12, which included its final 2023 Crop Production Report. Those numbers showed a rise in corn production and a drop in soybean production.
2023 corn production hit a record 15.3 billion bushels, 12 percent above 2022. The average yield was a record-high 177.3 bushels per acre, 3.9 bushels above 2022.
Soybean production in 2023 reached 4.16 billion bushels, two percent lower than in 2022. The average yield was 50.6 bushels per acre, one bushel above 2022, but the production drop was due to four percent fewer harvested acres than the previous year.
