Report snapshot: Corn, soybean production and carryover lower than expected

USDA’s October production and carryover figures were lower than pre-report estimates, though the most notable miss was the 4 MMT difference in new-crop global soybean carryover vs. expectations.

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October 12, 2023 11:30 AM

U.S. Corn, Soybean and Cotton Production
Corn
	Production (bil. bu.)	Yield (bu. per acre)
USDA	15.064	173.0
Average est.	15.101	173.5
USDA Sept.	15.134	173.8

Soybeans
	Production (bil. bu.)	Yield (bu. per acre)
USDA	4.104	49.6
Average est.	4.134	49.9
USDA Sept.	4.146	50.1

Cotton
	Production (mil. bales)	Yield (lbs. per acre)
USDA	12.82	767
Average est.	12.91	NA
USDA Sept.	13.132	786

U.S. Carryover
Corn – billion bushels
	2022-23	2023-24
USDA	1.361*	2.111
Average est. *Set by Sept. 1 stocks	NA	2.138
USDA Sept.	1.452	2.221

Soybeans – million bushels
	2022-23	2023-24
USDA	268*	220
Average est. *Set by Sept. 1 stocks	NA	233
USDA Sept.	250	220

Wheat – million bushels
	2022-23	2023-24
USDA	NA	670
Average est.	NA	647
USDA Sept.	580	615

Cotton – million bales
	2022-23	2023-24
USDA	4.25	2.80
Average est.	NA	2.96
USDA Sept.	4.25	3.00

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