USDA lowers old crop soybean, wheat ending stocks estimates
The USDA has lowered old crop soybean and wheat ending stocks estimates, while leaving corn unchanged.
Soybean ending stocks for the current marketing year are seen at 235 million tons, down 25 million from April on an increase in exports.
2021/22 wheat was reported at 655 million bushels, 23 million lower, on higher food and export demand.
Corn came out at 1.44 billion bushels, with no adjustments to the balance sheet.
In the first projection of the season, the USDA is expecting higher carryout next marketing year for soybeans against smaller ending stocks for corn and wheat.
For their first production projections of the season have a bigger soybean crop in 2022 against a smaller corn crop. That’s largely due to changes in planted area estimates, with expected corn acreage falling nearly 4 million acres and soybeans rising by almost 4 million. The numbers are highly subject to change with both corn and beans seeing significant planting delays in some areas due to wet weather potentially impacting acreage and the possibility of lower yields in other areas due to drought.
Corn production is expected to be 14.46 billion bushels, compared to 15.115 billion in 2021, with a yield of 177 bushels per acre, which would match last year.
Soybeans are pegged at 4.64 billion bushels, compared to 4.435 billion a year ago, with an average yield of 51.5 bushels per acre, slightly higher than the previous year.
The 2022/23 marketing year starts June 1st for wheat and September 1st for corn and soybeans.
Globally, the USDA left corn and soybean production unchanged for Brazil and also held Argentina’s corn crop steady, but did lower the outlook for Argentina’s soybean crop.
The USDA’s next set of supply, demand, and production estimates is out June 12th.