Global Harvest Update: Record corn yields amid tightening soybean stocks
The global corn harvest is underway and remains a focal point for researchers in the United States. The progress of the global soybean and wheat harvests is also top of mind.
With harvest season underway, producers are hard at work in the field. Meanwhile, the global corn harvest is a focal point for researchers in the United States who are closely monitoring and reporting that it is progressing remarkably well. The progress of the global soybeans and wheat are also top of mind.
“The world is on track to harvest a record-breaking 47.8 billion bushels, with the United States contributing a record 15.1 billion bushels to this bounty,” said Oklahoma State University Extension expert Kim Anderson, providing some context on the commodity’s ongoing harvest.
Anderson emphasized that the ending stocks matter in addition to volume, noting that U.S. ending stocks are expected to reach approximately 2.2 billion bushels, which will surpass the average of about 1.7 billion bushels.
However, she said, the situation varies when we shift our focus to soybeans. While the global soybean harvest is set to break records, indicators suggest that U.S. output will be tight this season.
“The world is poised for a record 14.8-billion-bushel soybean harvest, with the United States contributing an average of 4.2 billion bushels,” Anderson explained. “Global ending stocks for soybeans are forecasted to reach a record high of 4.4 billion bushels, with the United States accounting for 245 million bushels, indicating tight stocks within the country.”
In addition to corn and soybeans, the wheat harvest is also in the spotlight as it nears completion. Experts report approximately 80 percent of harvested wheat is already safely stored in bins.