On Friday, USDA released the December 2022 World Agricultural Supply and Demand Estimates report. Corn exports were lowered, as expected, 75 million bushels as “competition from other exporters and relatively high U.S. prices have resulted in slow sales and shipments through early December” according to USDA. Corn ending stocks was raised 75 million bushels as we saw no other use changes.
USDA left U.S. soybean stocks at 220 million bushels and wheat ending stocks at 571 million bushels.
USDA did not change Brazil or Argentina corn and soybean production estimates on the December report. The wheat crop in Argentina was cut by 3 million to 12.5 million metric tons on the report though.
View the full report here: https://www.usda.gov/oce/commodity/wasde
More analysis of the report with Arlan Suderman, Chief Commodities Economist at StoneX, and Jesse Allen is below: