USDA Forecasts Lower Corn Production and Higher Soybean Production Than Last Year

The USDA’s National Ag Statistics Service forecasted U.S. corn production down from 2021 and soybean production up from last year. The corn production forecast is 14.4 billion bushels, down five percent from last year. Soybean production is forecast at 4.53 billion bushels, up two percent from 2021. Average corn yield is forecast at 175.4 bushels an acre, down 1.6 bushels from 2021. USDA says soybean yields will average a record-high of 51.9 bushels an acre, a half-bushel higher than last year. Wheat production is predicted at 1.78 billion bushels, eight percent higher than in 2021. Growers will likely produce 1.20 billion bushels of winter wheat, down six percent from last year. Spring wheat forecast is 55 percent higher this year at 512 million bushels. NASS forecasts all cotton production at 12.6 million 480-pound bales, 28 percent lower than last year. Yield will average 846 pounds per harvested acre, up 27 pounds from 2021.

WASDE Calls for Lower Corn, Higher Soybean Ending Stocks

The World Ag Supply and Demand Estimates Report predicted lower 2022-2023 U.S. corn supplies, reduced feed and residual use, slightly higher food, seed, and industrial use, smaller exports, and lower ending stocks. With supply falling more than usage, stocks dropped 82 million bushels to 1.4 billion. The season-average corn price is unchanged at $6.65 a bushel. U.S. soybean supplies are projected to be 4.8 billion bushels, 36 million higher than last month. Soybean exports are up by 20 million bushels to 2.16 billion on increased supplies. Ending stocks are forecast higher at 245 million bushels, and the season-average soybean price is down slightly to $14.35 a bushel. The wheat outlook shows higher supplies, higher domestic use and exports, and reduced stocks. The projected ending stocks dropped to 610 million bushels. Even though it dropped by $1.25, the season-average farm price is still projected at a record $9.25 a bushel.