News
USDA tightens U.S. corn, wheat balance sheets
The USDA has reduced the domestic ending stocks estimates for corn and wheat, while leaving soybeans unchanged from September.
The corn carryout for the current marketing year is expected to be 1.172 billion bushels, 47 million less than last month, with lower production and beginning stocks and higher imports and feed use against cuts in ethanol and export demand. The average 2022/23 farm price for corn is estimated at $6.80 per bushel, compared to $6.75 a month ago and $6 for the previous marketing year.
Wheat ending stocks are seen at 576 million bushels, 34 million under the month before with cuts in production, feed use, and export demand canceling out a rise in imports. If realized, this would be the lowest U.S. export total in more than 50 years and the tightest domestic supply in 15 years. The average farm price for wheat is estimated at $9.20 per bushel, compared to $9 in September and $7.63 last marketing year.
Soybean ending stocks held at 200 million bushels following decreases in production and exports and increases in beginning stocks and domestic crush use. The average farm price for soybeans is estimated at $14 per bushel, compared to $14.35 in the prior month and $13.30 the marketing year before.
The USDA also lowered world corn and wheat ending stocks expectations and raised the guess for soybeans.
The 2022/23 marketing year started June 1st for wheat and September 1st for corn and soybeans.
The USDA’s next set of supply and demand estimates is out November 9th.
Add Comment