October 4, 2023

US corn and soy harvests 23% complete

US government data revealed that the progress of the US corn and soybean harvests stood at 23%, slightly trailing the analysts' projected harvest completion rate of 25% for both crops, Nasdaq reported.

Amid ongoing harvest activities, soybean condition ratings exhibited a slight improvement, offering some relief regarding concerns over limited supplies. This follows the US Department of Agriculture’s report, which indicated higher-than-anticipated stockpiles of the oilseed.

In contrast, corn conditions remained steady, unchanged from the previous week, with 53% of the crop deemed to be in good or excellent condition. Soybean conditions showed a modest improvement, increasing from 50% to 52%.

It's noteworthy that the US holds the position of the world's second-largest supplier of soybeans and corn, trailing only Brazil.

Concurrently, farmers have initiated the planting of the US winter wheat crop slated for harvest in 2024. According to the USDA, winter wheat plantings have reached 40% completion, aligning with the expectations set by analysts.

-      Nasdaq