The US corn crop could join an elite club

Published 2024년 11월 11일

Tridge summary

The U.S. Department of Agriculture is set to release new estimates for the 2024 U.S. corn and soybean harvests, with expectations for corn yield to potentially reach a milestone not seen in 20 years. Despite a slight drop in yield estimates from October, nearly 40% of analysts predict that the corn yield could surpass the previous record, joining the ranks of exceptional years like 1994 and 2004. These years were marked by ideal weather conditions that significantly boosted corn yield. On the other hand, soybean yield estimates have seen a slight decrease, with a average record yield of 52.8 bushels per acre, down from 53.1 in October. There is concern for a potential surprise drop in soybean yield, similar to 2018, which could lead to a bullish storyline for the market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

It is all but certain that U.S. corn producers churned out a new record yield in 2024, but this year’s crop could hit yet another milestone that has not been seen in 20 years. The U.S. Department of Agriculture on Friday will publish fresh estimates for the 2024 U.S. corn and soybean harvests, and on average, analysts see corn yield dropping to 183.7 bushels per acre from 183.8 in October. But nearly 40% of the polled analysts think corn yield could come in above 183.8 bpa. If it does, the 2024 crop will join ranks with 2004 and 1994, the last two times that U.S. corn yield estimates rose in every month from August to November. Long-time market watchers are well acquainted with 1994 and 2004, two “unicorn” seasons where ideal weather boosted corn yield significantly above prior records. Final yields rose 14% and 11%, respectively, above USDA’s trendline yields. Despite a drier August, the 2024 U.S. corn crop enjoyed a wet July and near-normal temperatures, though distinctly cool ...

Source: Hellenic Shipping News