Lower corn and higher soybean production is estimated for 2022-2023 in the USDA’s World Ag Supply and Demand Estimates (WASDE) report for May.
The corn outlook calls for lower domestic use, exports, ending stocks, and higher prices. The corn crop is projected at 14.5 billion bushels, 4.3 percent less than the USDA trend from February. Total corn supplies will decline 2.7 percent to 15.9 billion bushels. The season-average corn price is projected at $6.75 a bushel. The USDA cut corn yield to 177 bushels per acre.
The soybean outlook is for higher supplies, crush, exports, and ending stocks this year. The soybean crop will be 4.64 billion bushels, five percent higher than last year. Soybean supplies will be 4.89 billion bushels, up four percent from last year. The season-average soybean price will be $14.40 a bushel, up $1.15 from last year.
U.S. all-wheat production is projected at 1.72 billion bushels, 83 million higher than last year. The all-wheat yield will be 46.6 bushels an acre, with the price at a record $10.75 a bushel.
Click BELOW to hear market analyst Mike Silver discuss the USDA’s Supply and Demand Report for May and how the estimates for corn, soybeans and wheat production affected Thursday’s grain markets.
Source: USDA, NAFB