![]() ![]() The good-to-excellent condition ratings were assessed at 51% for soybeans as of June 25, the worst in 35 years. The US soybean and corn markets have rapidly fluctuated since early May amid weather concerns.īoth soybean and corn crops in the US for MY 2023-24 have been under dryness stress for the better part of May and June, leading to a notable decline in crop conditions, especially in the eastern Corn Belt.Īccording to meteorologists, the key region of the Midwest has received only half of the usual rainfall so far in MY 2023-24, leading to significant stress on both corn and soybean crops. ![]() Platts, part of S&P Global Commodity Insights, assessed SOYBEX FOB New Orleans for August deliveries at $537.47/mt June 29 and CIF New Orleans corn for July deliveries at $245.30/mt. The USDA's latest estimates have taken the market analysts by surprise as the average acreage expectations for MY 2023-24 were 87.6 million acres for soybeans and 91.8 million acres for corn.Īccording to commodity analysts, soybean prices are likely to surge amid reduced acreage expectations, while corn prices could be under pressure on higher-than-expected acreage. While corn acreage is seen 2% higher than prior estimates to 94 million acres, up 6% higher on the year. Soybeans planted area has been estimated 4.6% lower from the March report to 83.5 million acres, which is also 4.5% lower on the year, the USDA data showed. Receive daily email alerts, subscriber notes & personalize your experience. ![]()
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