Highlights
USDA's August S&D report summary:
Corn harvested acres down 700,000 to 82.7 million.
Corn yield up 2.1 bushels per acre to 183.1.
Corn production up 47 million bu to 15.147 billion bushels; corn usage up 70 million bushels.
Bean harvested acres up by just over 1 million acres (was the USDA Actual Planted Acres in June wrong?). Where did those acres come from?
The USDA reported “prevented plantings” of 2.670 million acres of corn, 775,000 acres of soybeans, and 389,000 acres of wheat. Where did those extra bean acres come from?
Bean yield increased 1.2 to 53.2 bushels per acre.
Bean production up 154 million bushels; usage up 25 million bushels.
All wheat production was lowered by 26 million bushels to 1.982 billion bushels.
Brazil’s farmers sold less than 100,000 mt of corn and beans combined yesterday. They sold 150,000 mts last Thursday and 115,000 mts on Friday. Usually, they are selling 1 to 2 million mts every day.
Yesterday morning, USDA announced the sale of:
165,000 mts of new crop corn to unknown.
100,000 mts of old crop soybeans to unknown (to be shipped before 1 Sept 2024; somebody made a big mistake).
200,000 mts of new crop soybeans to unknown.
Sixteen suppliers have submitted offers to Egypt’s wheat tender to buy 3.8 million mts of wheat. Egypt plans to buy 8.25 million mts of wheat in the coming marketing year.