Fundamentally Speaking

The final tally for the 2023 U.S. corn and soybean crops is in and despite a growing season that was not without its challenges, U.S. corn production was an all-time high of 15.342 billion bushels (bb) helped by a record yield of 177.3 bushels per acre (bpa).

The results for the U.S. soybean crop were not quite as stellar with production at 4.165 bb linked to a national yield of 50.6 bpa, which surprisingly came in above the high end of trade estimates.

As is normally the case, some of the top producing states saw quite good yield numbers while others posted more disappointing figures.

Along these lines, this graphic shows the 2023 corn and soybean yields for the top producing states of each as a percent of the 25-year trend (a c after the state meaning it is just a top corn producing state and an s after a state means it is just a top soybean producing state).

Interesting that though the U.S. saw a record corn yield, the 177.3 bpa figure is actually 0.9% below the 25-year trend which we calculate at 179.1 bpa and comes two years after the last record yield seen in 2021 at 176.7 bpa.

As for soybeans, the 50.6 bpa yield is actually 3.0% below the calculated 25-year trend of 52.6 bpa as it has been now seven years since the U.S. saw a record soybean yield of 51.9 bpa back in the 2016 season.

As for the individual states, North Carolina had the best corn yield relative to trend at a positive 13.3%, though NC had its highest yield two years earlier.

North Carolina's soybean crop did not fare as well, coming in 1.5% below trend.

Note that the Eastern Corn Belt states of IL, IN, KY and OH all had corn and bean yields above trend as did ND.

Kansas unfortunately did not fare well at all having the dubious distinction of recording the lowest corn yield relative to trend at down 9.3%, but that was far better than their 2023 soybean yield of 26.0 bpa, a whopping 36.8% below trend.

It has been noted how much of the southern U.S. saw not only very dry conditions during the 2023 growing season but exceptionally hot temperatures as well, reflected in the Louisiana soybean crop coming in 28.1% below trend.

Other states having both below trend corn and soybean yields included MI, MO, NE, MN, SD, and WI.

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