The Word Ag Supply and Demand Estimate’s 2023-2024 U.S. corn outlook calls for reduced supplies, lower domestic use, smaller exports, and tighter ending stocks.
With supply declining more than use, ending stocks are lowered 60 million bushels to 2.2 billion. The first survey-based yield projection is 175.1 bushels per acre, 2.4 bushels lower than last month. The season-average corn price rose 10 cents to $4.90 a bushel. U.S. soybean supply and use changes include higher beginning stocks and lower production and exports. The current yield forecast is 50.9 bushels, down 1.1 bushels from last month.
Ending stocks are forecast at 245 million bushels, 55 million lower than last month. The season-average soybean price is $12.70, up 30 cents from last month. The wheat outlook is for lower supplies, slightly lower domestic use, reduced exports, and higher stocks. The all-wheat yield is 45.8 bushels and season-average price is unchanged at $7.50.