Big Crop

The headline numbers from the August crop report were 183.1 bushels per acre corn yield, and 53.2 bushels per acre soybean yield. If realized, both of these would be new national record yields. Corn production is estimated at 15.147 billion bushels and soybeans at 4.589 billion bushels. Iowa’s yield at 209 bushels per acre would also be a new record.

Corn

With US corn production and yield increasing by 47 and 2 million respectfully, it is important to monitor the progress of the largest corn producing state. Iowa is seeing a record high in bushels and percent change in the corn yield from the previous year. Figure 1 shows Iowa with a 2024 yield estimate of 209 bushels which is a 4 percent change in bushels from the previous year. Other Midwestern states with record yields in this report include Illinois (225 bu/ac), Indiana (207 bu/ac), Michigan (177 bu/ac), South Dakota (162 bu/ac), and Wisconsin (183 bu/ac).

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Figure 1. Aug 2024 Corn Yield, Bushels and Percent Change from Previous Year

As of this week, the corn crop condition is higher than 2023. Corn crop condition is rated 77 percent good to excellent which is 16 percent more than the national average. Corn silking is on par with the five-year average of 96 percent. The percentage of Iowa corn that has reached the dent stage has increased to 17 percent but is still under the five-year average. Northwest and East-central Iowa districts have the largest percent of corn at the dent stage.

The national corn yield of 183.1 bushels per acre would be 5.8 bushels per acre higher than last year and set a new record high. It is 2.1 bushels per acre higher than the trendline yield (181 bu/ac) that USDA has been using in prior WASDE reports.

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Figure 2. U.S. Corn Yield, August 2024

Soybeans

The Iowa soybean yield is estimated to be 61 bushels per acre which is a 5.2 percent change from 2023 (Figure 3). US soybean yield continues to trend upward with the August report estimating the national yield at 53.2 bushels per acre, up 1.2 bushels per acre from the trendline yield and 5.1% higher than last year’s national yield (Figure 4). While the Iowa yield would not be a new record high for the state, there are several Midwestern states that are projected to have record yields in the making. These are Illinois (66 bu/ac), Indiana (62 bu/ac), Ohio (59 bu/ac), and Missouri (51 bu/ac).

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Figure 3. August 2024 Soybean Yield, Bushels and Percent Change from Previous Year

Ninety-four percent of Iowa soybeans are blooming, which is equal to the five-year average. Seventy-seven percent of Iowa’s soybean crop condition is rated good to excellent, nine more than the national average. Soybean setting pods have now reached 74 percent. The northeastern and south-central districts are the only areas to not have 90 percent of their soybeans blooming.

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Figure 4. U.S. Soybean Yield, August 2024