U.S. farmers can thresh in the season-2023/24 about 113.6 million tons of soybeans – this is 2.8 million tons below the final result of the previous MY. In particular, it is expected that the yield of oilseed in the U.S. will be at the level of 3.4 tons per hectare. This forecast was released by StoneX specialists.
In addition, this yield is also slightly inferior to the estimates of analysts of the U.S. Department of Agriculture (USDA) – 117 million tons in the July report.
As for corn, this crop is expected to significantly increase production by the level of 2022/23 MY. Thus, according to StoneX estimates, the harvest of the American grain in the new season will amount to 388 million tons at an average yield of 11.9 tons per hectare.
It should be noted that the current value is 39.2 million tons higher than the result of the previous crop year, but 1.1 million tons behind the latest USDA estimate.