Highlights
Informa’s updated US yield numbers have corn at 177.5 vs. 175.1 in August with production at 15.395 billion vs. 15.111 in August. Soybean yields at 51.0 vs. 50.9 in August and production at 4.214 billion vs. 4.205 in August.
Cash export traders in Brazil received some questions from the Chinese about soybean export capacity for the November-January window. China is concerned the low water in the US river system and the Panama Canal will restrict US exports of corn and beans.
The state of Mato Grosso grows more than 30% of Brazil’s corn and beans. The Institute of Mato-Grosso Economic Association (IMEA) predicted 2024 second-crop corn acres will be 2.8% less than a year ago and said yields will be reduced “substantially” from 2023.
Bloomberg says the US economy has been looking so solid lately that the Federal Reserve will probably need to double its projection for economic growth in 2023 when the Fed publishes an updated outlook later this month.