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TMAI’s Take on WASDE and CONAB

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LAWRENCE, KS, January 15, 2024 — This past Friday, January 12th saw the release of two major reports on global agricultural commodity production.

USDA’s much anticipated World Agricultural Supply and Demand Estimates (WASDE) report contained their final Corn and Soybean yield estimates for the 2023 growing season.  

• At 177.3  bushels per acre, USDA’s average national corn yield is the highest on record.
• USDA’s average soybean yield of 50.6 bushels per acre

Here is how TerraMetrics GreenReport® in-season Corn and Soybean yield estimates stacked up against USDA’s September and year-end numbers:

FINAL Difference from September: 

• USDA: Corn +3.5 bu/ac; Soy + 0.5 bu/ac
• TMAI:  Corn -2.1 bu/ac; Soy -0.3 bu/ac

On the same day, several thousand miles away, CONAB – Brazil’s counterpart to USDA – released their latest Soybean Yield estimate.  Weather across the major growing regions of central and southern Brazil has been on many groups’ radar.    Note how TMAI’s forecast compared to the official government release.