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Tidbits, 2024 & 2033 Projections, Veg Oils, Cocoa Analysis, Broilers & Ethanol 2/15/24

Highlights


Yesterday morning, CHS’s comments started with this paragraph:

"The USDA released their long-term projections yesterday. The market seems to be reacting to the yield projections for all three of our major commodities."

 

Our first thought was 183.5 bushels of corn per acre yield in 2024 is not reasonable as CHS reported it, even though the market expects negative numbers from USDA this morning.

Apparently, CHS used last year's report for their commentary by mistake.

 

The most recent report was issued on February 14, 2024 and has corn yield in 2024/25 at 181 bpa with a 2 bushels yield increase per year through 2033/34 for which 199 yield is projected.

 

USDA says soybeans will yield 52 bushels in 2024/25 and 56.5 in 2033 with half a bushel increase every year.

 

Wheat yield for 2024 is seen at 49.5 bpa with 0.4 increase each year and 53 bushels per acre in 2033/34.

 

Here is a link to the report, you might find it interesting, look at page 41 and below:

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