USDA cuts U.S. corn, soybean, wheat ending stocks
The USDA has lowered ending stocks projections for U.S. corn, soybeans, and wheat.
Corn was reduced slightly to 1.242 billion bushels on a 200 million bushel cut in the 2022 production figure, which was partially canceled out by reduced expectations for food, feed, and export demand, with no changes to ethanol use.
Soybean ending stocks are seen at 210 million bushels, 10 million less than December, following a 70 million bushel reduction in production against a 55 million drop for export demand.
The USDA lowered average yield and harvested area for soybeans, but raised the yield number for corn, while leaving harvested area unchanged.
Wheat was reported at 567 million bushels, 4 million under a month ago with larger beginning stocks canceled out by expected increases in seed and feed usage.
Globally, the USDA lowered corn and soybean production for Argentina and corn in Brazil, while raising the soybean guess for Brazil and wheat production for Ukraine.
The USDA’s next set of supply and demand estimates is out February 9th.