Advertisement

USDA boosts estimates for US corn and soybean estimates

From the September 10 World Agriculture Supply and Demand Estimates report

Article content

From the September 10 World Agriculture Supply and Demand Estimates report:

Advertisement

Story continues below

Article content

Corn

This month’s 2021/22 U.S. corn outlook is for larger supplies, increased feed and residual use, greater exports, and higher ending stocks. Corn production for 2021/22 is forecast at 15.0 billion bushels, up 246 million from last month on increases to harvested area and yield. The national average yield is forecast at 176.3 bushels per acre, up 1.7 bushels, while the harvested area for grain is forecast at 85.1 million acres, up 0.6 million.

Total U.S. corn use for 2021/22 is up 150 million bushels to 14.8 billion. Feed and residual uses are raised 75 million bushels based mostly on a larger crop and lower expected prices.

Exports for 2021/22 are up 75 million bushels to 2.5 billion. With supply rising more than use, ending stocks are increased 166 million bushels to 1.4 billion.

Soybeans

Soybean production is projected at 4.4 billion bushels, up 35 million with lower harvested area more than offset by a higher yield forecast of 50.6 bushels per acre. Harvested area is down 0.3 million from the August forecast.

Soybean crush is reduced by 25 million bushels reflecting a lower forecast for domestic soybean meal disappearance. The soybean export forecast is raised 35 million bushels on increased supplies and lower prices. Ending stocks are projected at 185 million bushels, up 30 million from last month.

Wheat

The outlook for 2021/22 U.S. wheat is for reduced supplies, slightly higher domestic use, unchanged exports, and decreased ending stocks.

Supplies are reduced as imports are lowered 10 million bushels to 135 million on the import pace. Food use is raised 2 million bushels to 964 million, reflecting an upward revision of 2020/21 food use.

Exports are unchanged at 875 million bushels, but there are offsetting by-class changes.

Projected 2021/22 ending stocks are reduced 12 million bushels to 615 million and are 27 per cent below last year and the lowest in eight years.

For Soft Red Winter Wheat, the ending stocks are estimated at 99 million bushels, down 5 million from August.

This Week in Flyers