HKK Commodities updated the news today ☘️
US CORN OUTLOOK CLIMBS, SOYBEANS DIP IN LATEST FORECAST
The US Department of Agriculture (USDA) in its September Crop Production and World Agricultural Supply and Demand Estimates reports lowered its forecast for US 2023 soybean production, yield and ending stocks. At the same time, the USDA raised its forecast for 2023 corn production despite a lower yield estimate on an increase in expected harvested acres. US 2023 soybean production was forecast at 4.15 billion bushels, down 1% from 4.21 billion bushels forecast in August. Corn production for grain was forecast at 15.13 billion bushels, up 0.2% from 15.11 billion bushels forecast in August. The risk of a production decline in the USDA’s next estimate on Oct. 12 is greater for soybeans than for corn.
In its WASDE report, the USDA estimated the carryover of corn on Sept. 1, 2024, at 2.22 billion bushels, up 19 million bushels, or 0.9%, from August and up 53% from a downwardly revised 2023 carryout of 1.45 billion bushels. Accounting for the 2024 corn adjustment was a 5-million-bushel cut to beginning stocks estimates more than offset by a 23-million-bushel increase in projected production. The Department projected the carryover of soybeans on Sept. 1, 2024, at 220 million bushels, down 25 million bushels, or 10%, from August and down 30 million bushels from a downwardly revised 250 million bushels in 2023. The 2024 soybean carryout adjustment reflected a 70-million-bushel cut to total supply and a 45-million-bushel cut to total use.
In its monthly update to world supply and demand estimates, the USDA raised its forecast for China’s soybean imports in 2022-23 to 102 million tons from 100 million tons in August and raised its expectation for China’s 2023-24 soybean imports to 100 million tons from 99 million in August. US 2023 rice production was forecast at 220.91 million cwts, up 8% from 203.64 million cwts in August and up 38% from 160.37 million cwts in 2022
