USDA released its August Crop Production report on Aug. 12 and the survey-based report has farmers indicating corn yields will reach 175.4 bushels per acre and soybean yields at a record 51.9 bushels per acre in 2022. This is despite extreme heat and sporadic rainfall throughout the countryside. The report provides the most recent update for U.S. commodity supplies since the June 30 Planted Acreage report, providing the next comprehensive look at overall production for the 2022 crop year.
The soybean yield reported, 51.9 bushels per acre, is up 0.5 bushels per acre, or 1%, compared to 2021 and is a slight increase from USDA’s previous trend yield estimates of 51.5 bushels per acre as reported in the July USDA World Agricultural Supply and Demand Estimates report. For corn yields, the USDA report indicates that yields will rise to 175.4 bushels per acre, which is 1.6 bushels per acre lower (1%) compared to 2021 yields of 177 bushels per acre, the fourth-highest corn yield on record, and where USDA has pegged the corn trend yield to be since May. Prior to the report’s release, the average trade estimate for U.S. soybeans was 51.1 bushels per acre, with a range of 49.9 bushels per acre to 52.5 bushels per acre. Trade analysts’ estimates for corn yields prior to the report’s release averaged 175.9 bushels per acre with a range of 171.5 to 180.3 bushels per acre. It’s important to note that the crop production data from this report is based primarily on farmer surveys and satellite imagery. Field samples from USDA’s objective yield survey plots will not be available and incorporated into reports until September.