USDA is raising its estimated average farm-gate price for the 2024 corn crop by 10 cents to $4.35 a bushel, while shaving the expected price for soybeans by 10 cents to $10.10 a bushel.
There are no changes to U.S. corn and soybean supply forecasts in USDA’s monthly World Agricultural Supply and Demand Estimates, released Tuesday. However, corn production is forecast to decline in both Argentina and Brazil.
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“Production is reduced for Argentina reflecting a cut in yield, as heat and dryness during January and into early February reduce yield prospects for early-planted corn in key central growing areas. For Brazil, the corn production forecast is reduced as slow second-crop planting progress in the Center-West lowers yield prospects,” the report says.
USDA lowered its estimate for soybean production in Argentina and Paraguay. The estimate for Brazil is unchanged at 169 million tons.
