US: Corn and soybean production estimates lowered

Published 2024년 11월 8일

Tridge summary

The USDA has lowered its production estimates for US corn and soybeans due to decreased yields as the harvest comes to an end, with corn production forecasted at 384.6 million tonnes, down 1.54 million tonnes from October. Despite this, global corn production estimates have increased, largely due to countries such as Uganda and Malawi, but increased consumption has led to a decrease in expected stocks. Soybean production has also been reduced, resulting in a drop in global stocks, and prices for both corn and soybeans have increased following the report. US wheat production remains stable, with a slight global increase, but this is offset by increased consumption, having little impact on prices.

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

Original content

The US Department of Agriculture (USDA) on Friday revised down its estimates for US corn and soybean production, due to a drop in yields, as the US harvest draws to a close. The USDA now forecasts a harvest of 384.6 million tonnes of yellow grain for the 2024-25 US campaign, 1.54 million less than announced in its previous projection published in October, according to the monthly WASDE (World agricultural supply and demand estimates) report. "The progress of the US corn harvest has made it possible to adjust yields downwards (...) and this is leading to a decline in production," commented Gautier Le Molgat, CEO of Argus Media France. "It takes everyone by surprise (...) we finally see that (the yields) were perhaps not so good," stressed Damien Vercambre, broker at Inter-Courtages. At the same time, global corn production estimates have been revised upwards (+2.21 million tonnes), notably thanks to "Uganda, Malawi, Belarus, Mozambique, Kenya and Cameroon", according to the USDA. ...

Source: Lefigaro