The U.S. Department of Agriculture (USDA) released its 2024 Crop Production Annual Summary on January 10, 2025, revealing a shift in crop production trends across the nation. Corn production saw a notable decline, while soybean production experienced an increase compared to the previous year.
According to the USDA’s National Agricultural Statistics Service (NASS), U.S. corn growers produced 14.9 billion bushels in 2024, a decrease of 3% from 2023. Despite the drop in total output, corn yield reached a record high of 179.3 bushels per acre, an increase of 2 bushels per acre from the previous year. However, the total area harvested for grain fell by 4%, with 82.9 million acres in 2024.
On the other hand, soybean production showed a positive trend. U.S. farmers produced 4.37 billion bushels of soybeans, reflecting a 5% increase from the previous year. The average yield for soybeans was 50.7 bushels per acre, a slight increase of 0.1 bushel compared to 2023, though it was 1 bushel below the USDA’s November forecast.
The cotton sector also saw a notable rise in production. The U.S. cotton output increased by 19% in 2024, totaling 14.4 million 480-pound bales. The estimated yield stood at 836 pounds per acre, a decrease of 63 pounds per acre compared to 2023. However, the harvested area expanded by 28%, reaching 8.27 million acres.
The USDA’s report also included information on winter wheat and canola seedings, offering early insights into next year’s crop. For 2025, the area planted for winter wheat harvest is projected to rise by 2% to 34.1 million acres.
In addition, the USDA’s Grain Stocks report showed a 1% decrease in corn stocks as of December 1, 2024, compared to the previous year, with a total of 12.1 billion bushels stored. Soybean stocks increased by 3%, totaling 3.10 billion bushels. Wheat stocks also saw a rise, increasing by 10% from 2023, with a total of 1.57 billion bushels.
The 2024 Crop Production Annual Summary provides comprehensive estimates on a wide range of crops, including grains, oilseeds, cotton, tobacco, sugar, and other specialty crops such as dry beans, peas, lentils, and potatoes.
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