On Monday, USDA released the latest World Agricultural Supply and Demand Estimates (WASDE) report.
2022-2023 U.S. ENDING STOCKS
For corn, USDA pegged the U.S. 2022-2023 ending stocks at 1.182 billion bushels. This is below the trade’s estimate of 1.212 billion bushels but above USDA’s October estimate of 1.172 billion bushels.
For soybeans, the U.S. ending stocks were 220 million bushels, above the trade’s expectation of 215 million bushels and USDA’s October estimate of 200 million bushels.
USDA pegged the U.S. wheat ending stocks at 571 million bushels, below October’s estimate of 576 million and the trade’s expectation of 577 million.
2022 PRODUCTION
With the 2022 harvest coming to a close, USDA is pegging U.S corn production at 13.930 billion bushels, above the trade’s expectation of 13.893 billion bushels and the October estimate of 13.895 billion bushels.
Corn yield was pegged at 172.3 bushels per acre with 80.8 million harvested acres. This is above the trade’s expectation for yield, which was 171.9 bushels per acre, but right on track with the trade’s expectation for harvested acres.
USDA put soybean production at 4.346 billion bushels, above the trade’s expectation of 4.324 billion bushels and the October estimate of 4.313 billion bushels.
Yield was pegged at 50.2 bushels per acre on 86.6 million harvested acres. The trade’s expectation going into today was 49.9 bushels per acre on 86.6 million harvested acres.
Both corn and soybeans saw a 0.4 bushels per acre bump in yield from last month’s report.
2022-2023 WORLD ENDING STOCKS
USDA pegged the world’s corn ending stocks at 301.2 million metric tons (mmt) vs. the trade’s expectation of 300.6 mmt. Today reflects no change from USDA’s October estimate of 301.2 mmt.
For soybeans, the world ending stocks are estimated at 100.5 mmt, below the trade’s expectation of 100.9 mmt but reflecting no change from USDA’s estimate last month of 100.5 mmt.
For wheat, the USDA pegged world ending stocks at 267.5 mmt. This is slightly above the trade’s expectation of 266.7 mmt but reflects no change from the October estimate of 267.5 mmt.
