MarketsFarm — Updated supply-and-demand (WASDE) tables from the U.S. Department of Agriculture included only minimal adjustments to the U.S. and world numbers, with larger revisions likely in the New Year.
U.S. soybean and wheat ending stocks projections for the current marketing year were left unchanged, while the corn number was raised slightly.
Total U.S. corn ending stocks for 2022-23 are now forecast at 1.257 billion bushels by the government agency, which would be up from the November forecast of 1.182 million but in line with pre-report trade guesses. U.S. soybean and wheat ending stocks, at 220 million and 571 million bushels respectively, were unchanged from November but below average trade expectations anticipating slight increases for both crops.
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While the U.S. corn carryout was raised from November, world stocks of the grain were revised lower due in part to declining production numbers out of Ukraine and Russia. World corn production for 2022-23 was lowered to 1.162 billion tonnes by USDA, from 1.168 billion in November. Ending stocks were pegged at 298.4 million tonnes, from an estimated 300.8 million the previous month.
World wheat production was down by about two million tonnes from the November estimate, at 780.59 million tonnes, as reductions in Canada and Argentina more than offset gains in Australia. World wheat ending stocks for the year were forecast at 267.33 million tonnes, which would be down by about half-a-million tonnes from the November forecast.
For soybeans, the world crop was raised slightly at 391.17 million tonnes, with the carryout upped to 102.71 million tonnes from 102.17 million in November. Production numbers for Brazil and Argentina were left unchanged.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.
