Today Barchart released its October 2023 Crop Production and Yield Forecasts for US corn and soybeans.
The latest report sees end-of-season yield at 177.3 (bu/ac) for Corn, which is 4.4 (bu/ac) above the USDA’s latest forecast. Weather conditions have been a significant factor in this year's corn production. 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.
On the date of publication, Megan Hankins did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
