The farm-gate value of this year’s U.S. corn, soybean, and wheat crops would be nearly 8 percent lower than the 2023 crops due to the continuing decline in commodity prices, according to USDA estimates of season-average prices. The USDA reduced its estimates of season-average prices for this year’s crops by 10 cents a bushel for corn and soybeans and 80 cents a bushel for wheat in its WASDE report.
Combined, the value of the three most widely planted crops would be $10.6 billion below the forecast value of $136 billion for the 2023 harvests of corn, soybeans, and wheat, based on current conditions. The wheat marketing year opens June 1 for wheat and on Sept. 1 for corn and soybeans.
As expected, the USDA projected a corn harvest of 15.1 billion bushels this year, the third-largest on record, because farmers planted more corn than they indicated in March. Growers planted slightly less land to soybeans, so the USDA projected the crop at 4.435 billion bushels; a decrease of 150 million bushels but still the third-largest ever. The USDA estimated the wheat crop at 2.008 billion bushels, the largest in eight years and 133 million bushels larger than thought in June.
Based on the USDA’s estimates of season-average prices, this year’s corn crop would be worth $64.8 billion; soybeans, $49.2 billion; and wheat, $11.4 billion. The 2023 corn crop was worth $71.3 billion, with soybeans worth $52.1 billion and wheat, $12.6 billion.