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2024 Crop Update

07/01/2024

On June 28th, the USDA National Agricultural Statistics Service updated planting and stocks data for the 2024 harvest.

 

The NASS surveyed  operators of 9,000 tracts of land and 64,000 farms during the first two weeks of June.  The following data was recorded: -

 

Corn

  • 91.5 million acres of corn will be harvested, down 3 percent from 2023.  GM varieties represented 94 percent of the crop.
  • Total corn stocks amounted to 4.99 billion bushels, up 22 percent from the corresponding week of 2023.  On farm corn stocks were 37 percent higher, denoting storage on the farms in anticipation of an unlikely rise in price.  On farm stocks were 4 percent higher.

 

Soybeans

  • The soybean area to be harvested was estimated at 86.1 million acres, up 3 percent from 2023.  GM varieties represented 96 percent of acreage planted.
  • Soybeans stocks amounted to 970 million bushels, up 22 percent from June 1st, 2023.
  • On farm stocks were up 44 percent from 2023.  As with corn, farmers are holding stocks in anticipation of a rise in price that may not occur while incurring interest charges.  Off farm stocks were up 6 percent.