If the US Department of Agriculture is correct, the United States may be in the midst of growing record-breaking corn and soybean crops.

On Friday, the USDA released its monthly world agricultural supply and demand estimates, which included its first U.S. production estimates for 2023-24.

Corn is projected for a record-large crop of 15.265 billion bushels for 2023-24, near the higher end of trade expectations and an increase of 1.935 billion from the previous year.

U.S. farmers are expected to plant 92 million acres with a yield of 181.5 bushels per acre, another potential record.

U.S. soybean production for 2023-24 was projected at a record-setting 4.51 billion bushels, matching the highest trade estimate.

The figure represents a 234-million bushel rise in production from 2022-23.