# USDA forecasts record-large corn, soy production in 2023 | Food Business News

> The USDA's May 12 WASDE projected record US corn production of 15,265 million bushels for 2023-24, based on a record yield of 181.5 bushels per acre. It also projected record soybean production of 4,510 million bushels at 52 bushels per acre. Both figures came in above pre-report trade expectations.

- Date: 2023-05-23 · published 2023-05-23T12:00:00.000Z
- Category: report · region US · magnitude high
- Page: https://feedsoft.ai/events/13277-usda-forecasts-record-large-corn-soy-production-in-2023-food-business-news
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Record supply forecasts above trade estimates are bearish for corn and soybean prices and for meal and feed costs, though the yields are trendline based and depend on weather.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- CORN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2017-08-10 | [USDA Forecasts Record-High Soybean Production in 2017](https://feedsoft.ai/events/69299-usda-forecasts-record-high-soybean-production-in-2017.md) | -4.5% | -6.5% |
| CORN | 2025-02-27 | [USDA Forecasts Record Corn Crop, Larger Soybean Crop for 2025-26](https://feedsoft.ai/events/13114-usda-forecasts-record-corn-crop-larger-soybean-crop-for-2025-26.md) | -5.3% | -1.0% |
| CORN | 2020-05-12 | [USDA forecasts record corn production, jump in exports \| Profitability \| farmweeknow.com](https://feedsoft.ai/events/52965-usda-forecasts-record-corn-production-jump-in-exports-profitability-farmweeknow.md) | +0.6% | +4.2% |
| CORN | 2023-11-09 | [USDA Predicts Record Corn Production](https://feedsoft.ai/events/33113-usda-predicts-record-corn-production.md) | -1.5% | -1.0% |
| CORN | 2017-01-12 | [Corn and Soybean Production Up in 2016, USDA Reports](https://feedsoft.ai/events/72836-corn-and-soybean-production-up-in-2016-usda-reports.md) | +0.1% | +1.9% |
| SOY | 2017-08-10 | [USDA Forecasts Record-High Soybean Production in 2017](https://feedsoft.ai/events/69299-usda-forecasts-record-high-soybean-production-in-2017.md) | -4.3% | +0.0% |
| SOY | 2025-02-27 | [USDA Forecasts Record Corn Crop, Larger Soybean Crop for 2025-26](https://feedsoft.ai/events/13114-usda-forecasts-record-corn-crop-larger-soybean-crop-for-2025-26.md) | -2.6% | -2.3% |
| SOY | 2020-05-12 | [USDA forecasts record corn production, jump in exports \| Profitability \| farmweeknow.com](https://feedsoft.ai/events/52965-usda-forecasts-record-corn-production-jump-in-exports-profitability-farmweeknow.md) | -0.9% | +1.3% |

## Sources

- foodbusinessnews.net: https://www.foodbusinessnews.net/articles/23874-usda-forecasts-record-large-corn-soy-production-in-2023

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.