Friday's Report
Today is the first day of the 2023-2024 crop marketing year for corn and soybeans. The USDA is gathering information this week to determine the inventory of all commodities and those numbers will always be reported by the USDA on the last business day in September, which is a Friday, the 29th this year. The inventory number USDA reports for corn and beans will be the 2022 crop marketing year carryover and the 2023 crop marketing year carry-in.
As of today, “Old Crop” refers to the 2023 corn and bean crops about to be harvested and “New Crop” refers to the corn and beans to be planted in the spring of 2024. Yesterday, “Old Crop” was the 2022 harvested corn and beans with “New Crop” being the 2023 crop in the field.
In practical terms, most people will call the corn and beans in the field “new crop” until the old and new crop basis comes together or until harvest of the 2023 crops is complete. When talking to your merchandiser and lender, make sure both of you have an understanding as to what “old” and “new” crop means to both of you. Clarification could prevent a financial disaster for you.
There is a lot of interesting information in The 2023 Pro Farmer Crop Tour Final Report. Here is the link to read it:
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