The U.S. Department of Agriculture has increased ending stocks projections for U.S. corn, soybeans, and wheat in the February World Agricultural Supply and Demand Estimates (WASDE) report on Wednesday.
This month’s 2022/23 U.S. corn outlook is for lower corn used for ethanol and larger ending stocks. Corn used for ethanol is reduced 25 million bushels. The season-average corn price received by producers was unchanged at $6.70 per bushel.
The soybean outlook projects lower soybean crush and higher ending stocks. Soybean crush is forecast at 2.23 billion bushels, down 15 million from last month on lower domestic soybean meal disappearance and a higher soybean meal extraction rate. The season-average soybean price for 2022/23 is forecast at $14.30 per bushel, up 10 cents from last month.
The supply and demand outlook for wheat is largely unchanged this month, with minor revisions to domestic use and ending stocks. The season-average farm price is forecast $0.10 per bushel lower at $9.00, based on prices received to date and expectations for cash prices for the remainder of 2022/23.