Financial Times writer Susannah Savage reported yesterday that, "The price of corn has tumbled to a three-year low as supplies from the US and Brazil surge while demand stagnates, helping…
DTN Managing Editor Anthony Greder reported yesterday that, “The nation’s soybean harvest jumped to a 10-point lead over the five-year average, and the corn harvest also remained slightly ahead of the average pace by the end of last week as farmers in some areas rushed to get in as much fieldwork as they could ahead of heavy rains, USDA NASS reported in its weekly Crop Progress report on Monday.”
Greder indicated that, “Corn harvest moved ahead another 11 percentage points last week to reach 45% complete as of Sunday. That is 2 percentage points ahead of 43% last year and 3 percentage points ahead of 42% for the five-year average.”
#Iowa: #Corn harvested for grain reached 42 percent statewide, 3 days ahead of last year and 5 days ahead of the average.#Soybeans harvested reached 74 percent, 1 day ahead of last year and 9 days ahead of the average, @usda_nass pic.twitter.com/yIlaj5425j— FarmPolicy (@FarmPolicy) October 16, 2023
“NASS said 53% of corn was rated good to excellent, unchanged for the third week in a row. The current rating is equal to last year’s rating at this time and is the lowest good-to-excellent rating since 2012.”
The DTN update noted that, “Soybean harvest jumped 19 percentage points last week to reach 62% complete as of Sunday. That is 2 points ahead of last year’s 60% but 10 points ahead of the five-year average of 52%.”
“USDA said 52% of the soybean crop was rated good to excellent, back up 1 point from 51% the previous week and below 57% a year ago. The current rating is the lowest good-to-excellent rating since 2012,” yesterday’s article said.
Reuters writer Naveen Thukral reported today that, “Brazil’s 2023/24 soybean planting had reached as of last Thursday 17% of the expected area, agribusiness consultancy AgRural said on Monday, losing steam as farmers struggle with adverse weather conditions.
“The focus of the soybean market is shifting to South American planting season as U.S. harvest is likely to be completed in coming weeks.”
Meanwhile, Dow Jones writer Kirk Maltais reported yesterday that, “Export inspections of U.S. soybeans have surged to over 2 million metric tons for the week ended Oct. 12, fueled in large part by shipments to China.
“Soybean export inspections totaled 2.01 million tons for the week, which is up from 1.4 million tons reported in the previous week. This brings inspections for the current marketing year that started in September to 5.4 million tons. That’s up nearly 15% from this time last year, which is a decrease from 30% higher reported last week.
“China was the leading destination for U.S. soybean shipments – with 1.36 million tons sent there in total for the week. Mexico was the next-highest destination for the week.”