U.S. farmers head for back-to-back 15 billion-bushel corn crops

Growers are planting more corn than expected this year and the result could be the second harvest in a row to exceed 15 billion bushels, according to a USDA survey of growers and projected yields per acre. The mammoth crop, only slightly smaller than the record set last year, could drive down farmgate prices for corn.

In its annual Acreage report, the USDA indicated the soybean crop would be the second largest ever, although plantings are not expected to be as large as growers planned in March. Corn and soybeans are the most widely planted U.S. crops, accounting for 56% of the 315.2 million acres sown to the two dozen principal crops this year.

Based on USDA’s estimates of harvested acres and its projected yields, the corn crop would total 15.1 billion bushels and soybeans, 4.435 billion bushels. The records are 15.342 billion bushels of corn in 2023 and 4.465 billion bushels of soybeans in 2021.

The corn and soybean stockpiles are notably larger than at this point in 2023, said USDA’s quarterly Grain Stocks report. There were 4.993 billion bushels of corn and 970 million bushels of soybeans in storage as of June 1, compared to 4.103 billion bushels of corn and 796 million bushels of soybeans in June 2023. Larger stockpiles could constrain commodity prices.

Farmers also planted 47.2 million acres of wheat, down 5 percent from 2023; 11.7 million acres of cotton, up 14% from last year; and 2.943 million acres of rice, up 1.7%.

Corn and soybean yields would be the highest ever this year, 181 bushels an acre for corn and 52 bushels an acre for soybeans, according to USDA projections.