Rabobank: US could still see top corn crop

While the US will not set yield records in corn this season, far better results than initially anticipated could still make it a top-two or top-three crop, according to Rabobank’s North American Agribusiness Review. In October, the US Department of Agriculture (USDA) lowered yield estimates against the backdrop of media reports indicating that crops coming off the field were better than expected. Rabobank said much about the 2022-23 crop year has been atypical. “Indeed, the USDA’s own field surveys point to record-high ear counts, while farmers surveys were mostly submitted before their ‘surprisingly good’ harvests began in earnest,” the review said. Both “open the door” to late-season upward adjustments in yield. Increases across all demand categories will mitigate stock buildup, Rabobank said, but early indicates suggest these may be overly optimistic. US corn exports are estimated to increase 22%, equivalent to 10 million tonnes, according to USDA. Sales for the 2023-24 crop ...