May 6, 2024
Ag Economy
Cash Field Crop Industry Snapshot
USDA Crop Forecast:
| National: | 2021/22 | 2022/23 | 2023/24 F |
| Corn Area Harvested (Mil. Acres) | 85.0 | 78.7 | 86.5 |
| Corn Yield/Acre (bu.) | 176.7 | 173.4 | 177.3 |
| Corn Price ($/bu.) | $6.00 | $6.54 | $4.75 |
| Soybeans Area Harvested (Mil. Acres) | 86.3 | 86.2 | 82.4 |
| Soybean Yield/Acre | 51.7 | 49.6 | 50.6 |
| Soybean Price ($/bu.) | $13.30 | $14.20 | 12.75 |
Source: USDA WASDE
USDA Prospective Plantings 2024
|
(1,000 Acres) |
2022 |
2023 |
2024 |
|
Principal Crops: |
|||
|
USA |
310,857 |
319,601 |
313,311 |
|
New York |
2,755 |
2,730 |
2,706 |
|
New Jersey |
313 |
305 |
287 |
|
Pennsylvania |
3,523 |
3,395 |
3,386 |
|
Corn: |
|||
|
USA |
88,162 |
94,641 |
90,036 |
|
New York |
1,010 |
1,040 |
1,030 |
|
New Jersey |
68 |
74 |
72 |
|
Pennsylvania |
1,020 |
1,040 |
1,050 |
|
Soybeans |
|||
|
USA |
87,450 |
83,600 |
86,510 |
|
New York |
350 |
350 |
350 |
|
New Jersey |
110 |
100 |
110 |
|
Pennsylvania |
600 |
570 |
580 |
- Prices for grains and oilseeds have declined significantly from the 2022/23 harvest year.
- September 2024 corn futures are trading at $4.57/bu, and August soybean futures at $11.95/bu.1
- Fertilizer availability has improved, and prices have fallen significantly, although they generally remain higher than the 5-year average, depending on the type of nutrients.
1 CBOT Futures
Tags: cash field
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