The Corn Economy

Sep 28, 2023

Key Issues: Production

Author: Krista Swanson

USDA recently lowered the national corn yield projection from 175.1 to 173.8 bushels per acre and raised both planted and harvested acres. The increase in acres more than offset the impact of the yield decline, with a 23-million-bushel increase in projected corn production, still rounding to 15.1 billion bushels.   Should we expect further adjustments in corn acres and yields in upcoming reports? This question is on the minds of farmers and industry stakeholders right now. With great variability in early harvest reports, the answer will become clearer as U.S. corn farmers progress to the finish. In the meantime, here’s a look at three historical data relationships to provide historical context.   Path of Projected Planted Acres for 2023 USDA initially projected 92.0 million planted corn acres, based on farmer intentions in March 2023. Farmer surveys of actual planted acres and area remaining to be planted in the first two weeks of June led USDA to raise the projection to 94.1...

Sep 1, 2023

Key Issues: Production

Author: Krista Swanson

Remarkable growth in corn yields has boosted corn productivity in the United States over the past century. While corn production has risen, the land used to grow corn has not. United States farmers planted an estimated 94.1 million acres of corn in 2023, the highest level since 2013.   Despite status as the highest acreage of this decade, it falls short of the more than 100 million acres of corn farmers planted a century ago. In the past decade, U.S. corn production is over six times production of the 1930s with fewer corn acres.   Corn Yields Throughout the 1930’s the average U.S. corn yield was 24.2 bushels per acre, grown on an average of 102.2 million acres for an average production of 2 billion bushels of corn. In contrast, the 2010s brought an average U.S. corn yield of 161.5 bushels per acre, grown on an average of 91.4 million acres for an average production of 13.5 billion bushels of corn. In the decades between, yield grew steadily. On average, the annual increase in...