The USDA’s latest World Agricultural Supply and Demand Estimates (WASDE) Report, which was released Tuesday, offered few changes to the outlook for corn, soybeans and wheat.
This month’s 2022/23 U.S. corn outlook predicts reductions to imports and food, seed, and industrial use, with unchanged ending stocks. Corn imports are lowered ten million bushels based on observed trade to date. The season-average farm price was unchanged at $6.60 per bushel.
The U.S. soybean supply and use forecasts for 2022/23 are unchanged relative to last month. Soybean and soybean meal prices are also unchanged. The soybean oil price is projected at 64.0 cents per pound, down two cents. This is the second-straight month USDA did not change the season-average soybean price per bushel, at $14.30.
This month’s outlook for 2022/23 U.S. wheat predicts slightly higher supplies, reduced domestic use, unchanged exports, and increased ending stocks. The 2022/23 season-average farm price is forecast $0.10 per bushel lower at $8.90.
Click BELOW to hear more from Arlan Suderman, Chief Commodities Economist with StoneX, on the details from the USDA’s latest WASDE report for April 2023.
Source: NAFB News Service.
