US SOYBEAN SEASON HAS HEALTHY START
In its first assessment of the 2024 US soybean crop in the June 10 Crop Progress report, USDA rated the crop in the 18 major growing states at 72% good-to-excellent as of June 9. Soybeans in top producers Illinois and Iowa on June 9 were rated 69% and 73% good-to-excellent, respectively. During the same week, the USDA said 87% of the soybean crop had been planted, behind the brisk pace of 95% a year ago but above the five-year average rate of 84%. Abundant spring rains across major Midwest growing areas have provided a healthy boost to the crop this season.
The US Drought Monitor said 6% of soybeans in Illinois and 23% of soybeans in Iowa were growing in areas that were abnormally dry, but neither state showed indication of drought. As a result, topsoil moisture conditions were greatly enhanced. On June 9, the USDA said adequate-to-surplus topsoil moisture conditions were at 90% in Illinois and 95% in Iowa. The USDA rated contiguous states’ topsoil moisture condition at 81% adequate-to-surplus, down slightly from 83% the week prior but above 53% during the same week in 2023.
(Link: WorldGrain)
FAO: FORECAST FOR JUNE 6, 2024 ON WORLD CORN SUPPLY AND DEMAND IN 2024/2025
According to FAO’s latest forecast on June 6, 2024, corn production in 2024/25 decreased by 1.3% compared to 2023/24 with decreases in Brazil, South Africa, Ukraine, and the US. In contrast, output increased in Argentina and the EU. Corn consumption in 2024/25 is forecast to increase by 1.1%, mainly due to growth in animal feed use, especially in China and to a lesser extent Brazil and the Russian Federation. Corn trade in 2024/25 (July/June) decreased by 2.7% compared to 2023/24 mainly due to reduced imports from China and reduced exports from Brazil and Ukraine. Corn stocks in 2025 are forecast to increase by 3.5% compared to the beginning of the year, with large increases in the EU as well as slight increases in Brazil, China, and the US.
(Link: Vina.Net)
