by PressIn Nebraska, farmers hope for a good corn crop
Corn crop depends on adequate rainfall
The US Midwest has experienced dry weather for most of 2023. However, despite analysts’ concerns, farmers in Nebraska have managed to harvest a good corn crop. The Department of Agriculture reported a high yield of 177.3 bushels per acre. American farmers harvested 15.3 billion bushels, a record for the country. This figure is 12% higher than last season.
As for Nebraska’s corn production:
— it was 1.7 billion bushels in 2023;
— 19% higher than 2022 but lower than 2021;
— the 2023 yield per acre was 182 bushels. This is 17 bushels higher than the previous figures.
It is worth noting that drought conditions made 2022 a bad year for Nebraska farmers. Production conditions improved in 2023, but not all over the state. For example, York, Hamilton and Fillmore are still experiencing a lack of precipitation. However, these three areas are considered Nebraska’s most significant crop producers. As a result, yields last season were uneven across the region. Overall, however, farmers were able to achieve good yields.
Local growers are hoping for a successful 2024 season, but much depends on weather conditions. Adequate rainfall in eastern Nebraska remains a key issue.
Farm income
Farmers are also concerned about falling corn prices. Last season, their income fell as a result of falling grain values. Overall, profits from the 2023 crop totalled just over USD 151 billion. This figure is 17.4% lower than what farmers earned in 2022.
Agricultural prices have been more stable over the past period than in previous years. In 2022, US farmers received more than USD 6 per bushel of corn. In 2023, a similar amount of grain cost less than USD 5.
According to official figures, Nebraska farmers had a net income of USD 7.8 billion last season. This is 18% more than in 2022. In this case, the profit increase is due to higher livestock prices, not grain prices.
As for the outlook for the current farming season, analysts expect profits to fall. This is due to higher crop costs and falling crop values. Nevertheless, corn remains one of the most important grains for Nebraska producers. Farmers are not yet considering reducing acreage for other, more profitable crops.