# Bumper corn harvest dampens price outlook | Agriculture Dive

> USDA projected a record 15.3 billion bushels of U.S. corn for 2023-24, up 108 million from its prior estimate, on record yields. The agency cut its season-average farm price to $4.80 per bushel, the lowest since 2021. Corn futures had hit a three-year low on Jan. 8.

- Date: 2024-01-16 · published 2024-01-16T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/32178-bumper-corn-harvest-dampens-price-outlook-agriculture-dive
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Record U.S. output and rising supplies in China, India and other countries threaten a global surplus, with U.S. exports to China and Mexico already declining. The bearish balance sheet points to continued pressure on corn and soybean prices.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2016-11-07 | [US Corn Futures Weekly Price Outlook: Record Corn Yields?](https://feedsoft.ai/events/8309-us-corn-futures-weekly-price-outlook-record-corn-yields.md) | -2.6% | +0.5% |
| CORN | 2026-09-10 | [Argentina cuts soybean harvest outlook as corn margins improve
						 \| The Pig Site](https://feedsoft.ai/events/13776-argentina-cuts-soybean-harvest-outlook-as-corn-margins-improve-the-pig-site.md) | +4.3% | +1.1% |
| CORN | 2022-08-31 | [CBOT weekly outlook: Harvest, crop conditions pressuring prices - Grainews](https://feedsoft.ai/events/40077-cbot-weekly-outlook-harvest-crop-conditions-pressuring-prices-grainews.md) | -2.0% | -3.7% |
| CORN | 2021-07-01 | [Bumper U.S. Corn and Soybean Harvests Are Within Reach](https://feedsoft.ai/events/45919-bumper-u-s-corn-and-soybean-harvests-are-within-reach.md) | -2.9% | -12.5% |
| CORN | 2021-09-07 | [World food prices jump in Aug, cereal harvest outlook cut -FAO - Cafe Aberto](https://feedsoft.ai/events/45161-world-food-prices-jump-in-aug-cereal-harvest-outlook-cut-fao-cafe-aberto.md) | -4.1% | -2.6% |
| SOY | 2022-08-26 | [Pro Farmer sees U.S. corn harvest smaller than gov't outlook, soy harvest bigger](https://feedsoft.ai/events/13339-pro-farmer-sees-u-s-corn-harvest-smaller-than-gov-t-outlook-soy-harvest-bigger.md) | -5.1% | -8.2% |
| SOY | 2025-12-09 | [WASDE: USDA data gives corn prices a modest bump](https://feedsoft.ai/events/21443-wasde-usda-data-gives-corn-prices-a-modest-bump.md) | -2.0% | -3.7% |
| SOY | 2022-08-31 | [CBOT weekly outlook: Harvest, crop conditions pressuring prices - Grainews](https://feedsoft.ai/events/40077-cbot-weekly-outlook-harvest-crop-conditions-pressuring-prices-grainews.md) | -3.1% | -6.9% |

## Sources

- agriculturedive.com: https://www.agriculturedive.com/news/usda-record-corn-production-prices/704578/

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