With the record 181.8 bushels per acre, USDA estimates corn production to rise to a record 15.2 billion bushels, 12% higher than 2019. The August World Agricultural Supply and Demand Estimates (WASDE) report revealed a 20-million-bushel uptick in 2019/20 corn exports, which decreases 2020 beginning stocks accordingly. With corn imports remaining at 25 million bushels, the newest yield update moves 2020 corn supply estimates above 17.5 billion bushels, the largest supply of corn on record. With the adjustments made to supply and demand, USDA lowered the estimated average farm price to $3.10 per bushel, from $3.35 per bushel in July.
For non-irrigated corn, Illinois is estimated to produce yields of 207 bushels per acre, an increase of 14% compared to 2019. Iowa follows with an estimated 203 bushels per acre, up 2% from 2019. Minnesota is estimated to have the third-highest non-irrigated corn yield with 197 bushels per acre, up 14% from 2019. Washington leads irrigated corn yields with an estimated 240 bushels per acre, an increase of 1% compared to 2019. Idaho is just behind with an estimated 203 bushels per acre of corn, down 1% from 2019.