On Friday the USDA released its January World Agricultural Supply and Demand Estimates (WASDE) report, which announced record yields in the nation’s corn crop production.
Average corn yields hit a record 177.3 bushels per acre with a total production of 15.34 billion bushels. Soybean yields were high but not record breaking, with a national average of 50.6 bushels per acre and a total production of 4.17 billion bushels reported.
In Indiana, Hoosier producers had record yields for corn and soybeans at 203 and 61 bushels per acre respectively.
Todd Davis, chief economist for the Indiana Farm Bureau, said the records were possible, despite challenging dryness, thanks to timely rains.
“You might hear farmers talking about million-dollar rains,” he said. “And we had those timely rains that helped the crops develop.”
Davis said strong crop genetics were another key factor that helped with overall crop yields.
These record yields show the industry out-producing demand causing corn prices to hit a 26-month low.
“Even though our dollar is strong, and we're not super competitive, we are a great supplier to the world, and that might increase our exports,” he said. “Because the supplies have increased, we're looking at lower prices for both corn and soybeans.”
The USDA is expecting a 25 percent increase in corn exports for 2024.
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