Soybean harvest in the U.S. in 2023/24 MY may increase by 17 mln tonnes

American farmers can harvest about 133.6 mln tonnes of soybeans in the season-2023/24, according to StoneX experts. The updated estimate of the gross harvest of the oilseed in the U.S. is 0.8 mln tonnes higher than the previous forecast of the company and 17.4 mln tonnes more than the final result of 2022/23 MY.

Experts also raised the forecast of corn production for the new crop by 4.6 mln tonnes compared to the previous figure – up to 388.2 mln tonnes, which is also 39.8 mln tonnes higher than in 2022/23 season.

“The upward adjustments are due to higher than expected grain yields,” the report said.

Currently, the U.S. maintains high harvest rates of both crops. According to the National Agricultural Statistics Service under the USDA (NASS USDA), by the end of last week, the corn harvest was harvested from 34% of the plan (29% at the same date last year; 31% on average over the past five years). Under soybeans, 43% of the planned area was threshed (41%; 37%).

In addition, 57% (53%, 57%) of the planned areas were planted with winter wheat by October 8. Sprouts appeared on 29% (24%, 30%) of the areas.

Tags: soybean, USA, crop forecast