Status of 2024 Corn and Soybean Crops
The USDA Crop Progress Report released on November 4th recorded 94 percent of the soybean crop harvested, an advance of 5 percent this past week. Ninety one percent of the corn crop has has been harvested, up 10 percent from last week. The crops were ahead of the 5-year averages by 9 percent and 14 percent respectively compared to the corresponding week in 2023.
Consistent with seasonal temperatures and previous rainfall across the Midwest and Plains states, crop condition was assumed to be unchanged during the past week. USDA did not release data on the condition of the soybean and corn crops this past week. Prospects for high corn and soybean yields were reflected in lower price projections in the October WASDE and CME futures prices for November and December (‘new crop’) delivery.
Heat stress that occurred previously during silking predisposes corn to fungal infection leading to mycotoxin contamination of kernels. Unseasonal rain during the immediate pre-harvest period for corn will also contribute to the elaboration of mycotoxins. The status of the 2024 crop in regions will require monitoring at harvest in affected areas and especially if unseasonal precipitation occurs during the late harvest period.
Reference is made to the October 11th WASDE Report #653 retrievable under the Statistics tab and the weekly Commodity, Economy and Energy Report, this edition, document acreage to be harvested, yields, weekly prices and ending stocks. Data will be updated in the November 8th WASDE to be summarized in the November 16th edition.
The October WASDE presumably incorporated the results of the USDA-NASS annual remote survey on yields and final production. Pro Farmer completed their annual crop tour in mid-August. The August 23rd report estimated U.S. corn yield at 181.1 bushels per acre (compared to the Pro Farmer estimate of 183.8 bushels per acre) with a projected crop of 14.98 billion bushels. (15.20 billion bushels). The corresponding values for soybeans were a yield of 54.9 bushels per acre (53.1 bushels per acre) contributing to a 2024 crop of 4.74 billion bushels. (4.93 billion bushels).
EGG-NEWS will report on the harvest of the two major crops as monitored by the USDA through the end of the 2024 season in two weeks.