USDA Increases Corn, Soybean Crop Production Estimates for 2022

This month’s 2022/23 U.S. corn outlook is for higher production, larger feed and residual use, and greater ending stocks according to the USDA’s monthly World Agriculture Supply and Demand Estimates (WASDE) report for November.

Corn production is forecast at 13.930 billion bushels, up 35 million from last month, on a 0.4-bushel increase in yield to 172.3 bushels per acre. The season-average corn price received by producers was unchanged at $6.80 per bushel.

The soybean outlook for 2022/23 increased production, crush, and ending stocks. Soybean production is forecast at 4.35 billion bushels, up 33 million on higher yields. Higher yields in Iowa and Missouri account for most of the change in production. The season-average soybean price for 2022/23 is forecast at $14.00 per bushel, unchanged from last month.

The outlook for 2022/23 wheat this month shows stable supplies, increased domestic use, unchanged exports, and slightly lower ending stocks. The projected 2022/23 season-average farm price was unchanged at $9.20 per bushel.

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