USDA Increases 2023-24 Corn Production by 170 Million Bushels

Saturday, November 18th, 2023 -- 9:00 AM

(Wisconsin Ag Connection) USDA increased U.S. 2023-24 corn production by 170 million bushels (mb) to 15.234 billion bushels (bb), a surprise that was beyond pre-report estimates.

According to the Wisconsin Ag Connection, if that holds, that breaks the 2016 production record. USDA also increased soybean production by 25 mb to 4.129 bb. According to DTN Lead Analyst Todd Hultman, Thursday’s new-crop U.S. ending stocks estimates were bearish for corn and slightly bearish for soybeans and wheat.

Hultman sees the world ending stocks estimates from USDA as bearish for corn and neutral for soybeans and wheat.

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