Corn and soybean witnessed significant production in 2024
In 2024, corn production reached its third-highest level, while soybean production narrowly missed setting a record. Despite achieving a record national average corn yield of 183.1 bushels per acre, total corn production decreased by 198 million bushels compared to the previous year due to reduced acreage. Soybean yields were just 0.2 bushels per acre below a record high, with total production estimated to be about 3 million bushels smaller than the 2021 record, according to data from the December World Agricultural Supply and Demand Estimates report.
Late-season dryness affected soybean yields, preventing a new record, but it did not significantly influence market prices. Grain sales opportunities for farmers were limited, but lower feed prices benefited livestock producers. This contributed to USDA's projection of a 4% decline in net farm income from 2023, bringing the total to $140.7 billion.
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The forecast for farm income experienced substantial adjustments throughout the year. USDA's Economic Research Service initially projected a 25% decline in income in February, with further reductions from the 2022 record. However, subsequent updates in September and December, incorporating actual data on production expenses such as feed, seed, fertilizer, and fuel, revealed an improved outlook for the agricultural economy compared to earlier estimates.
