USDA Projects Smaller Ending U.S. Corn Stocks for 2022-23, Higher Soybean Supplies

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USDA projected lower corn supplies at the end of the 2022-23 marketing year, while soybean stocks are expected to increase. The following is a summary of key numbers in USDA's Supply and Demand and Crop Production reports for May:

U.S. Carryover

Corn – billion bushels

 

2021-22

2022-23

USDA

1.440

1.360

Average est.

1.412

1.352

USDA April

1.440

NA

Soybeans – million bushels

 

2021-22

2022-23

USDA

235

310

Average est.

225

317

USDA April

260

NA

Wheat – million bushels

 

2021-22

2022-23

USDA

655

619

Average est.

686

659

USDA April

653

NA

Cotton – million bales

 

2021-22

2022-23

USDA

3.40

2.90

Average est.

NA

3.57

USDA April

3.50

NA

 

 

Global Carryover

Corn – MMT

 

2021-22

2022-23

USDA

309.39

305.13

Average est.

303.76

296.91

USDA April

305.46

NA

Soybeans – MMT

 

2021-22

2022-23

USDA

85.24

99.60

Average est.

88.98

97.23

USDA April

89.58

NA

Wheat – MMT

 

2021-22

2022-23

USDA

279.72

267.02

Average est.

278.30

272.07

USDA April

278.42

NA

Cotton – million bales

 

2021-22

2022-23

USDA

83.65

82.82

Average est.

NA

83.74

USDA April

83.38

NA

 

 

Global Production Highlights

Corn – MMT

 

2021-22
May (April)

2022-23

Argentina

53.00 (53.00)

55.00

Brazil

116.00 (116.00)

126.00

South Africa

16.30 (16.30)

17.30

Ukraine

42.13 (41.90)

19.50

China

272.55 (272.55)

271.00

Soybeans – MMT

 

2021-22
May (April)

2022-23

Argentina

42.00(43.50)

51.00

Brazil

125.00 (125.00)

149.00

Paraguay

4.20 (4.20)

10.00

Wheat – MMT

 

2021-22
May (April)

2022-23

Argentina

22.15 (21.00)

20.00

Australia

36.30 (36.30)

30.00

Canada

21.65  (21.65)

33.00

EU

138.42 (138.42)

136.50

Russia

75.16 (75.16)

80.00

Ukraine

33.01 (33.00)

21.50

 

 

 

U.S. Winter Wheat Production

 

Winter wheat – billion bu.

USDA

1.174

Average est.

1.239

USDA 2021

1.277

 

HRW wheat – million bu.

USDA

590

Average est.

685

USDA 2021

749

 

SRW wheat – million bu.

USDA

353.5

Average est.

359

USDA 2021

361

 

White winter wheat – million bu.

USDA

230

Average est.

199

USDA 2021

167

 

 

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