U.S. #corn yield comes in slightly above the trade range of expectations and above USDA's August estimate. Yield for #soybeans is the same as in August, as expected.
U.S. #corn production comes in above expectations based on a higher yield projection, but #soybeans are as expected - essentially unchanged from August. Harvested area estimates were the same as in August.
23/24 U.S. #corn ending stocks come in below expectations on an export increase, but 24/25 stocks were heavier than expected on a bigger crop. Both numbers for #soybeans came in slightly below last month's forecast (23/24 crush increased). No changes in #wheat.
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24/25 global #corn stocks are trimmed from August on slightly smaller production, but #wheat stocks rose on bigger supplies in Canada. The most notable item for #soybeans may be the small cut in Argentina's 23/24 harvest. No major movements overall.
USDA's only change in South American production is a reduction in #Argentina's 2023/24 #soybeans. No changes for #Brazil or #corn.
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From earlier:
Conab made little to no changes this month to its 2023/24 balance sheets for #Brazil's #corn & #soybeans. The agency will publish its first outlooks for 2024/25 in October.
metmike:SOYBEAN YIELDS WILL COME IN LOWER THAN THIS BECAUSE OF THE FLASH DROUGHT HITTING DURING LATE POD FILLING IN TOO MANY PLACES!!!
Dryness has spread in the central USA over the last eight weeks. Some 66% of the Midwest (the most since mid-March) is now abnormally dry versus 13% in mid-July. Not sure that this has a huge impact on crop yields from here, but it is something to monitor.
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Beans
55 responses |
Started by baker - Aug. 8, 2024, 7:36 p.m. https://www.marketforum.com/forum/topic/106521/
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Yield for U.S. #soybeans came in at 53.2 bu/acre, the same as in August, but there were movements in most states. Notable cut for Ohio, though Iowa is now seen matching its 2021 record.
USDA pegs U.S. #corn yield at 183.6 bu/acre, up from 183.1 estimated in August. Reductions in Illinois, Minnesota, and a few other states were offset by gains elsewhere. Many top producing states are seen setting a new record yield.
