Harvest is wrapping up in Wisconsin and now begins the preparations for 2024.
Steve Nicholson, the global sector strategist for grains and oilseeds at Rabo bank says the USDA's revised figures, had a substantial increase in corn yields, although this wasn't entirely unexpected given the circumstances. Reflecting on earlier expectations, he emphasized the surprise factor, considering the dry weather's impact on initial forecasts.
“Despite lower expectations due to dry conditions, the US crop size remains significant, attributed more to the extensive acreage planted than exceptional yields,” says Nicholson.
Regarding soybeans, Nicholson anticipated relatively stable yields but hinted at a potential slight reduction, emphasizing the importance of demand dynamics over crop size.