U.S. #corn production comes in a bit above expectations (USDA increased harvested area by about 750k acres). #Soybeans come very close to expectations, very minor area adjustment.
Here's the same table with area estimates included. Final calculation is that USDA raised #corn harvested area by about 774k acres and #soybeans by 95k acres. Corn production went up very slightly from August but beans went down.
·
USDA's only change in South American corn/soy was +2 mmt in #Brazil's current #corn crop.
2023/24 world #wheat stocks is the big surprise coming in well below trade expectations. USDA reduced the wheat crops in Argy, Australia, Canada, EU, UK. Increased Ukraine wheat crop + exports. China's 23/24 imports of #soybeans rose back to 100 mmt (but Brazil gets that biz).
USDA's new forecast shows only Ohio notching a new record #corn yield this year. Illinois is seen below 200, Iowa just at it. Big reduction in Nebraska yield but sizable increase in North Dakota.
USDA increased U.S. #corn harvested area by 774,000 acres versus the prior estimate, an unusually large jump for this time of year. Here's where that came from:
What will trendline U.S. #corn yield be set at for 2024? 182+? The past 10 years gives me pause on how aggressive the trend can be.....
A handful of record or tied yield records for U.S. #soybeans, but national yield was trimmed from August on reductions in top states. Kansas, Wisconsin and Louisiana took major hits.
The rise in harvested area for U.S. #soybeans versus June is almost negligible overall, but there were quite a few adjustments by state:
#Soybeans I'm undecided. That jump from 2013 to 2016 is wild, though. We'll find out pretty soon (end of Oct I think) USDA's preliminary trends for 2024 U.S. crops. As of Oct. 2022, trends were as follows:#Corn: 2023- 181.5, 2024- 183.5 Soy: 2023- 52, 52.5
