USDA World Agricultural Supply and Demand Estimates (5/12): First Look at Wheat, Corn, and Soybeans For Marketing Year 2022/23

Here are highlights from today's World Agricultural Supply and Demand Estimates (WASDE), which contain the first projections for marketing year (MY) 2022/23:

  • WHEAT: U.S. outlook is for reduced supplies, exports, domestic use stocks, and higher prices. Globally, the forecast is for lower supplies and consumption, increased trade, and lower ending stocks. Projected global trade worldwide is a record 204.9 million tons, up 5.0 million from last year.
  • CORN: Expectations in the United States are for lower production, domestic use, exports, ending stocks, and higher prices. World corn production is forecast to decline from last year’s record high. Global corn imports are projected to fall 2.3%, with the largest year-over-year declines for China, Canada, the European Union (EU), Brazil, and the United Kingdom.
  • SOYBEANS: U.S. forecast is for higher supplies, crush, exports, and ending stocks compared with MY 2021/22. Global soybean production is predicted up 45.3 million tons to 394.7 million, with Brazil accounting for over half of the increase, up 24 million tons to a record 149 million. World soybean exports are expected to increase 9% to 170.0 million tons after last year’s drought-related declines in South America.

The WASDE report is issued monthly by the USDA’s World Agricultural Outlook Board (WAOB).

For the full report, click here.