US corn and soybean crop estimates lowered

Published 2024년 11월 11일

Tridge summary

The USDA's November World Crop Estimates report has revealed unexpected adjustments in the US corn and soybean yields, leading to lower harvest projections. While the US corn and soybean outlooks have been downgraded, global corn production estimates have been increased, largely due to improvements in various countries. Despite this, the rise in global corn production is offset by an increase in consumption, resulting in reduced expected stocks. Meanwhile, US soybean production has seen a decrease, impacting global ending stocks. Additionally, global wheat production is expected to reach the second-highest record level, driven by expansions in Asia, and rice plantings are projected to result in record global production for the 2024/25 season.

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

Original content

Last Friday, the US Department of Agriculture (USDA) released its November World Crop Estimates (WASDE) report. The report brought surprises that the market did not expect. As the harvest draws to a close in the US, yields have been better quantified, which are lower than expected. The USDA has revised down US corn and soybean yields, which has translated into lower expected harvests. Corn The USDA now forecasts a US corn crop of 384.6 Mt for the 2024-25 campaign, which is 1.54 Mt less than estimated in its October report. In contrast, the world corn estimate has been revised up by 2.21 Mt to 1,217.19 Mt, thanks to Uganda, Malawi, Belarus, Mozambique, Kenya and Cameroon. The USDA has kept its forecasts unchanged for Brazil (127 Mt), Argentina (51 Mt) and Ukraine (26.2 Mt) and has reduced the EU's forecast (58.8 Mt) by 200,000 t. At the global level, this larger harvest is also offset by an increase in estimated consumption, which has led to a reduction in expected stocks at the ...

Source: Agrodigital