USDA Lowers Corn, Soybean Production Estimates

Corn Production Down 1 Percent from October Forecast
Soybean Production Down 2 Percent
Cotton Production Up less than 1 Percent

Corn production for grain is forecast at 14.5 billion bushels, down 1 percent
from the previous forecast but up 7 percent from 2019. Based on conditions as
of November 1, yields are expected to average 175.8 bushels per harvested
acre, down 2.6 bushels from the previous forecast but up 8.3 bushels from
last year. Area harvested for grain is forecast at 82.5 million acres,
unchanged from the previous forecast, but up 1 percent from the previous
year.

Soybean production for beans is forecast at 4.17 billion bushels,
down 2 percent from the previous forecast but up 17 percent from last year.
Based on conditions as of November 1, yields are expected to average
50.7 bushels per harvested acre, down 1.2 bushels from the previous forecast
but up 3.3 bushels from 2019. Area harvested for beans in the United States
is forecast at 82.3 million acres, unchanged from the previous forecast but
up 10 percent from 2019.

All cotton production is forecast at 17.1 million 480-pound bales, up less
than 1 percent from the previous forecast but down 14 percent from 2019.
Based on conditions as of November 1, yields are expected to average 911
pounds per harvested acre, up 2 pounds from the previous forecast and up
88 pounds from 2019. Upland cotton production is forecast at 16.5 million
480-pound bales, up less than 1 percent from the previous forecast but down
14 percent from 2019. Pima cotton production is forecast at 557,000 bales, up
2 percent from the previous forecast but down 19 percent from 2019. All
cotton area harvested is forecast at 9.01 million acres, unchanged from the
previous forecast, but down 22 percent from 2019.