USDA slashes already tight U.S. corn ending stocks for both marketing years
Cotton and wheat carryover also came in lighter than expected. On the other hand, soybean carryover climbed a bit more than expected for both 2020-21 and 2021-22.
USDA's updated winter wheat production estimate came in just shy of expectations and up nearly 12% from last year’s crop.
|
U.S. Carryover |
||
|
Corn – billion bushels |
||
|
2020-21 |
2021-22 |
|
|
USDA |
1.107 |
1.357 |
|
Average est. |
1.207 |
1.423 |
|
USDA May |
1.257 |
1.507 |
|
Soybeans – million bushels |
||
|
2020-21 |
2021-22 |
|
|
USDA |
135 |
155 |
|
Average est. |
122 |
146 |
|
USDA May |
120 |
140 |
|
|
||
|
Wheat – million bushels |
||
|
2020-21 |
2021-22 |
|
|
USDA |
852 |
770 |
|
Average est. |
869 |
783 |
|
USDA May |
872 |
774 |
|
|
||
|
Cotton – million bales |
||
|
2020-21 |
2021-22 |
|
|
USDA |
3.15 |
2.90 |
|
Average est. |
NA |
2.99 |
|
USDA May |
3.30 |
3.10 |
|
Global Carryover |
||
|
Corn – MMT |
||
|
|
2020-21 |
2021-22 |
|
USDA |
280.60 |
289.41 |
|
World less China |
82.42 |
91.26 |
|
Average est. |
280.82 |
289.20 |
|
USDA May |
283.53 |
292.30 |
|
Soybeans – MMT |
||
|
|
2020-21 |
2021-22 |
|
USDA |
88.00 |
92.55 |
|
World less China |
56.20 |
58.56 |
|
Average est. |
87.14 |
91.22 |
|
USDA May |
86.55 |
91.10 |
|
Wheat – MMT |
||
|
|
2020-21 |
2021-22 |
|
USDA |
293.48 |
296.80 |
|
World less China |
147.85 |
154.17 |
|
Average est. |
294.41 |
294.49 |
|
USDA May |
294.67 |
294.96 |
|
Cotton – million bales |
||
|
|
2020-21 |
2021-22 |
|
USDA |
93.05 |
89.30 |
|
World less China |
54.18 |
53.73 |
|
Average est. |
NA |
90.14 |
|
USDA May |
93.16 |
90.99 |
|
Global Production Highlights |
||
|
Corn – MMT |
||
|
|
2020-21 |
2021-22 |
|
U.S. |
360.25 (360.25) |
380.76 (380.76) |
|
Argentina |
47.00 (47.00) |
51.00 (51.00) |
|
Brazil |
98.50 (102.00) |
118.00 (118.00) |
|
South Africa |
17.00 (17.00) |
17.00 (17.00) |
|
Russia |
13.87 (13.87) |
14.90 (14.90) |
|
Ukraine |
30.30 (30.30) |
37.50 (37.50) |
|
China |
260.67 (260.67) |
268.00 (268.00) |
|
Soybeans – MMT |
||
|
|
2020-21 |
2021-22 |
|
U.S. |
112.55 (112.55) |
119.88 (119.88) |
|
Argentina |
47.00 (47.00) |
52.00 (52.00) |
|
Brazil |
137.00 (136.00) |
144.00 (144.00) |
|
Paraguay |
9.90 (9.90) |
10.50 (10.50) |
|
China |
19.60 (19.60) |
19.00 (19.00) |
|
Wheat – MMT |
||
|
|
2020-21 |
2021-22 |
|
U.S. |
49.69 (49.69) |
51.66 (50.95) |
|
Argentina |
17.63 (17.63) |
20.50 (20.50) |
|
Australia |
33.00 (33.00) |
27.00 (27.00) |
|
Canada |
35.18 (35.18) |
32.00 (32.00) |
|
EU |
125.94 (125.94) |
137.50 (134.00) |
|
Russia |
85.35 (85.35) |
86.00 (85.00) |
|
Ukraine |
25.42 (25.42) |
29.50 (29.00) |
|
Cotton – million bales |
||
|
|
2020-21 |
2021-22 |
|
U.S. |
14.61 (14.61) |
17.00 (17.00) |
|
Australia |
2.80 (2.50) |
3.90 (3.90) |
|
Brazil |
11.25 (11.50) |
13.25 (13.25) |
|
India |
28.50 (28.50) |
29.00 (29.00) |
|
China |
29.50 (29.50) |
26.75 (27.50) |
|
Pakistan |
4.50 (4.50) |
5.30 (5.30) |
|
All wheat – billion bu. |
|
|
USDA |
1.898 |
|
Average est. |
1.892 |
|
USDA May |
1.872 |
|
|
|
|
Winter wheat – billion bu. |
|
|
USDA |
1.309 |
|
Average est. |
1.312 |
|
USDA May |
1.283 |
|
|
|
|
HRW wheat – million bu. |
|
|
USDA |
771 |
|
Average est. |
760 |
|
USDA May |
731 |
|
|
|
|
SRW wheat – million bu. |
|
|
USDA |
335 |
|
Average est. |
333 |
|
USDA May |
332 |
|
|
|
|
White winter wheat – million bu. |
|
|
USDA |
202 |
|
Average est. |
216 |
|
USDA May |
211 |
|
|
|
