News

USDA raises U.S. corn ending stocks guess on cut in exports

The USDA has raised its domestic ending stocks projection for corn, while leaving soybeans and wheat unchanged from November.

U.S. corn ending stocks are seen at 1.257 billion bushels, up 75 million bushels on the month following a cut in the export estimate. That was widely expected heading into the report, with the U.S. export pace the slowest in four marketing years. The average 2022/23 farm price for corn is estimated at $6.70 per bushel, compared to $6.80 in November and $6 for 2021/22.

Wheat held at 571 million bushels and soybeans were steady at 220 million, both of which would be less than last marketing year. For wheat, the average 2022/23 farm price is estimated at $9.10 per bushel, compared to $9.20 last month and $7.63 last marketing year. For soybeans, the average 2022/23 farm price is estimated at $14 per bushel, unchanged from a month ago, but up from the $13.30 in the previous marketing year.

The USDA did lower the biodiesel and export demand guesses for soybean oil, in-line with recent domestic and global trends.

The USDA’s next set of supply and demand estimates is out January 12^th, along with the preliminary 2022 corn, soybean, and spring wheat production totals.