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The USDA has increased its crop production estimates for corn and wheat, while lowering crop production estimates for soybeans according to the monthly World Agricultural Supply and Demand Estimates (WASDE) report released on Tuesday.
This month’s 2022/23 U.S. corn outlook calls for larger supplies and higher ending stocks. Corn beginning stocks were raised 25 million bushels, based on reduced feed and residual use for 2021/22 as indicated in the June 30 Grain Stocks report. The season-average farm price received by producers was lowered 10 cents to $6.65 per bushel.
Oilseed production for 2022/23 is projected at 132.7 million tons, down 3.9 million from last month. Soybean production is projected at 4.5 billion bushels, down 135 million on lower harvested area. Harvested area, forecast at 87.5 million acres in the June 30 Acreage report, is down 2.6 million from last month. The season-average soybean price is forecasted at $14.40 per bushel, down $0.30 from last month.
The outlook for 2022/23 U.S. wheat this month forecasts larger supplies, domestic use, exports, and ending stocks. The projected season-average price declined $0.25 per bushel to $10.50.
The USDA will release it’s next World Agricultural Supply and Demand Estimates (WASDE) report on August 12.
Click BELOW to hear market analyst Arlan Suderman with StoneX and StoneX.com break down the data from the USDA’s July WASDE Report and how it impacted the grain markets on Tuesday, July 12.
Sources: USDA, NAFB