Analysts raise soybean and corn harvest forecasts in the US

The U.S. farmers can harvest about 113.6 mln tonnes of soybeans in the season-2023/24. The forecast was made by the analysts of StoneX, who increased their estimation by 0.8 mln tonnes compared to the previous forecast. It is worth reminding that in the previous agricultural season, the country harvested 116.2 mln tonnes of the oilseed.

The situation with corn is similar: the harvest in 2023/24 MY is expected to reach 386.1 mln tonnes (+2.5 mln tonnes to the previous StoneX estimate), compared to 348.4 mln tonnes last season.

“The upward adjustments are explained by the higher than expected harvested grain yields,” the experts said.

It is worth noting that the corn harvesting in the U.S. is progressing rapidly, and by October 1, 23% of the crop area was already threshed against the plan (+8% per week), which is ahead of both last year’s (19%) and the average result of the last five years (21%).

According to the USDA crop tour, 53% of unharvested crops are in good to excellent condition, which is generally in line with last year (60% over the past 5 years).

Tags: corn, soybean, USA, crop forecast