USDA World Agricultural Supply and Demand Estimates (7/12): U.S. Wheat, Corn Forecasts All Up

Here are highlights from today's World Agricultural Supply and Demand Estimates (WASDE), which reflect changes to old-crop demand estimates based on new-crop planted acreage estimates and June 1 stocks:

• WHEAT: U.S. outlook is for larger supplies, domestic use, exports, and ending stocks. Supplies are raised on increased production, which is up 44 million bushels to 1,781 million, on an increase in harvested area and higher yields. Globally, the outlook is for fewer supplies, reduced consumption, higher exports, and increased stocks. The 2022/23 global wheat outlook is for fewer supplies, reduced consumption, higher exports, and increased stocks. Supplies are reduced 1.1 million tons to 1,051.7 million as less production is partially offset by larger beginning stocks. Production is revised lower for the EU, Ukraine, and Argentina, which is only partially offset by upward revisions for Canada, the United States, and Russia.

• CORN: Expectations in the United States are for larger supplies and higher ending stocks. Corn beginning stocks are raised 25 million bushels, based on reduced feed and residual use for 2021/22 as indicated in the June 30 Grain Stocks report. Production for 2022/23 is forecast 45 million bushels higher based on greater planted and harvested area from the June 30 Acreage report. Major global trade changes for 2022/23 include larger corn exports for Paraguay with a reduction for Russia. Foreign corn production is down, with reductions for Russia, the EU, and Kenya partially offset by an increase for Paraguay. Russia corn production is lowered reflecting a cut in area. EU corn production is reduced with a forecast decline for Italy. For 2021/22, corn production is raised for Paraguay with increases to both area and yield. Major global trade changes for 2022/23 include larger corn exports for Paraguay with a reduction for Russia.

• SOYBEANS: U.S. soybean production is projected at 4.5 billion bushels, down 135 million on lower harvested area. Harvested area, forecast at 87.5 million acres in the June 30 Acreage report, is down 2.6 million from last month. Worldwide, soybean production is lowered for Canada based on the latest plantings report from Statistics Canada. Global soybean ending stocks for 2022/23 are reduced slightly to 99.6 million tons as higher stocks for Argentina are more than offset by lower stocks for the United States, Brazil, and China. Notable changes for 2021/22 include reduced soybean crush and imports for China, and increased soybean production, imports, crush, and ending stocks for Argentina.

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

For the full report, click here.