{"id":3598,"date":"2024-08-14T14:19:20","date_gmt":"2024-08-14T19:19:20","guid":{"rendered":"https:\/\/agrilife.org\/agecon\/?p=3598"},"modified":"2024-08-14T14:19:20","modified_gmt":"2024-08-14T19:19:20","slug":"corn-and-sorghum-market-update","status":"publish","type":"post","link":"https:\/\/agrilife.org\/agecon\/corn-and-sorghum-market-update\/","title":{"rendered":"Corn and Sorghum Market Update"},"content":{"rendered":"
\"Picture

Field crops in Burleson County on July 30, 2021. (Laura McKenzie\/Texas A&M AgriLife Marketing and Communications)<\/p><\/div>\n

On August 12, USDA released three important reports: the weekly Crop Progress<\/a> report, the monthly Crop Production<\/a> report, and the latest World Agriculture Supply and Demand Estimate<\/a> (WASDE) report.\u00a0 In this post, we discuss what these reports say about corn and sorghum production in 2024.<\/p>\n

 <\/p>\n

Crop Production Update<\/h3>\n

As of August 12, 94% of this year\u2019s corn crop had reached the silking stage, which is in line with last year at this time and the 5-year average. \u00a0Sixty percent of the crop was at the dough stage, in line with last year and four percentage points ahead of the 5-year average.\u00a0 \u00a0Eighteen percent of the crop was denting, three percentage points ahead of last year and six percentage points ahead of the 5-year average. \u00a0Seventy-three percent of this year\u2019s sorghum crop is at the headed stage and 32% has reached the coloring stage.\u00a0 Both of these are ahead of last year and the 5-year average.<\/p>\n

The production report estimates corn acres planted at 90.7 million acres as of August 12.\u00a0 This is a small reduction from the June Acreage Report estimate and a 4.1% decrease relative to 2023.\u00a0 The production report estimates that 82.7 million corn acres will be harvested this year, a 4.4% decrease from 2023. \u00a0Sorghum planted area estimated at 6.3 million acres and harvested area is estimated at 5.3 million acres, decreases of 12.4% and 13.7% from 2023 respectively.<\/p>\n

Tables 1 and 2 compare this year\u2019s crop condition for corn (Table 1) and sorghum (Table 2) to the previous.\u00a0 Currently, more corn is rated good and excellent this year than last year at this same time in the growing season.\u00a0 For sorghum, less of the crop is rated either good or excellent this year and more is rated fair, poor, or very poor.<\/p>\n

\"A

Table 1. Corn crop condition, August 11, 2024, compared to the previous year<\/p><\/div>\n

 <\/p>\n

\"A

Table 2. Sorghum crop condition, August 11, 2024, compared to the previous year<\/p><\/div>\n

Crop condition is a good predictor of crop yield on a per-acre basis, so it comes as no surprise that the 2024 corn crop is expected to set another record.\u00a0 The August production report estimates corn yield per acre this year at 183.1 bushels\/acre, a 3.3% increase over 2023.\u00a0 This amounts to 15.1 billion bushels produced in the United States, based on the report\u2019s estimate for corn acres harvested.\u00a0 The report estimates sorghum production in 2024 at 52.9 bushel\/acre yield and 278.8 million total bushels produced.<\/p>\n

Current WASDE Estimates<\/h3>\n

Table 3 illustrates the impact of these production estimates on 2024\/25 supply, use, and ending stocks in the current WASDE.\u00a0 As of August 12, the report shows an increase in U.S. corn supplies relative to U.S. corn use.\u00a0 As result, the report expects ending stocks in 2024\/25 to increase by 206 million bushels and the average farm price to decrease by $0.45\/bushel relative to 2023\/24. \u00a0The report estimates that Sorghum ending stocks will decrease by 1 million bushels.\u00a0 However, it estimates a $0.60\/bushel decrease in the average farm price relative to last year.<\/p>\n

\"A

Table 3. August 2024 WASDE Summary for Corn and Sorghum<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

On August 12, USDA released three important reports: the weekly Crop Progress report, the monthly Crop Production report, and the latest World Agriculture Supply and Demand Estimate (WASDE) report.\u00a0 In… Read More →<\/a><\/span><\/p>\n","protected":false},"author":2184,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_crdt_document":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[23,18,26,29],"tags":[],"class_list":["post-3598","post","type-post","status-publish","format-standard","category-corn","category-crops","category-marketing-plan","category-sorghum","entry"],"acf":[],"yoast_head":"\nCorn and Sorghum Market Update - Ag Economics on the Plains<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/agrilife.org\/agecon\/corn-and-sorghum-market-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Corn and Sorghum Market Update - Ag Economics on the Plains\" \/>\n<meta property=\"og:description\" content=\"On August 12, USDA released three important reports: the weekly Crop Progress report, the monthly Crop Production report, and the latest World Agriculture Supply and Demand Estimate (WASDE) report.\u00a0 In... 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