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He United States Department of Agriculture (USDA) revised upwards its estimate of corn harvest in the country, thanks to better yields, an increase that is largely offset by production declines in other producing nations.
USDA expects 385.7 million tons of corn for the 2024-25 US harvest, one million more than initially announced, according to the monthly report WASH which was made public. “This surprised the market,” he summed up. Damien Vercambrerunner of Inter-Brokers.
The lack of rainfall in some major producing regions in recent weeks had set off alarm bells among corn traders.
“Most expected a 10% drop” in yields, he explained. Jon Scheve, from Superior Feed Ingredients, who visited several fields in Nebraska and other states in recent days.
Now “they are stunned to see how good the returns are.”
The corn harvest is now entering its most active phase in the United States.
This rise in the world’s largest power will be more than offset, according to the USDA, due to lower volume production in the European Union and Russia, affected by unfavourable weather conditions in much of the world.
The increased corn production sent to other countries comes from the United States.
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2024-09-20 01:43:25