US farmers can harvest about 133.6 million tonnes of soybeans in the 2023/24 season, according to StoneX specialists. The updated estimate of gross oilseed harvest in the US is 0.8 million tonnes higher than the company’s previous forecast and 17.4 million tonnes more than the final result of MY 2022/23.
The experts also raised their corn production forecast for the new crop year by 4.6 million tonnes over the previously announced figure to 388.2 million tonnes, also 39.8 million tonnes higher than the 2022/23 MY result.
“The upward adjustments are due to higher than expected grain yields,” the report said.
The pace of harvesting for both crops in the U.S. remains strong right now. According to the Department of Agriculture’s National Agricultural Statistics Service (NASS USDA), by the end of last week, the corn crop had been harvested from 34% of plan (29% at the same date last year; 31% average over the past five years). Soybeans have been harvested at 43% of the planned acreage (41%; 37%).
In addition, winter wheat had been sown by 8 October. 57% (53%; 57%) of the planned fields were sown with winter wheat by 8 October. Sprouts appeared on 29% (24%; 30%) of areas.