The USDA has trimmed its 2023 corn and soybean production outlooks slightly.

As of October 1st, corn production is seen at 15.064 billion bushels, 1% lower than September, with the USDA also reducing its yield outlook to 173.8 bushels per acre and new crop ending stocks guess to 2.111 billion bushels. Harvested area was unchanged at 87.096 million acres. In 2022, production totaled 13.715 billion bushels with an average yield of 173.4 bushels per acre on harvested area of 19.115 million acres.

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