In 2024, the United States is projected to produce approximately 15.1 billion bushels (410 million tons) of corn, making it the second highest output in the past decade. According to the U.S. Department of Agriculture (USDA), while production is expected to decrease by about 1% compared to last year, improvements in yield per acre are expected to offset this decline.
Current Production and Regional Insights
The USDA’s National Agricultural Statistics Service (NASS) surveyed over 14,200 corn growers, revealing that around 67% of the corn crop is currently in good condition as of August. Approximately 10% of the crop is reported to be at levels similar to last year. Traditional corn-growing states such as Illinois, Indiana, Iowa, Michigan, Nebraska, Wisconsin, and South Dakota are showing favorable growing conditions. Additionally, regions outside these traditional areas, such as Washington and Idaho, also report positive growth trends.
The forecasted yield for 2024 is 183.1 bushels per acre (4.9 tons), up by 5.8 bushels per acre compared to last year. This reflects an increase in productivity, which is crucial given the slight reduction in total production.
Historical Context and Global Impact
The U.S. corn harvest in 2023 was the largest in the past decade, totaling 15.3 billion bushels (416 million tons). The projected 2024 output of 15.1 billion bushels, while slightly lower, is still a significant figure, making it the second highest since 2016. The lowest production in recent years was in 2019, with only 13.6 billion bushels.
Internationally, the U.S. remains the largest exporter of corn, with projected exports reaching 45 million tons valued at $13.1 billion. Mexico leads as the top destination for U.S. corn exports, followed by Japan, China, and South Korea. South Korea ranks sixth, importing corn worth $270 million.
According to The Observatory of Economic Complexity, the global corn trade volume reaches $64.7 billion annually. The U.S. dominates this market, with a 2022 export value of $19.3 billion. Brazil and Argentina follow as significant exporters. Major importers include China, Mexico, Japan, Spain, and South Korea.
The 2024 U.S. corn production is set to be the second highest in the past decade, demonstrating resilience despite a slight decrease from last year. The improvements in yield per acre highlight the advancements in agricultural practices and the ongoing importance of corn in global trade. As the U.S. continues to lead in corn exports, understanding these trends is crucial for stakeholders across the agricultural sector.
Error
