June 12, 2023

USDA raises corn and soybean supply outlook

The US Department of Agriculture (USDA) has revised its domestic supply projections for corn and soybeans, citing a decrease in export demand for both commodities, Yahoo! Finance reported.

According to the USDA's monthly World Agricultural Supply and Demand Estimates report, corn stocks for the 2022/23 marketing year, which concludes on August 31, are expected to reach 1.452 billion bushels.

Soybean end stocks for the same period are projected to be around 230 million bushels.

These figures represent an increase compared to the government's May forecasts, which anticipated corn stocks of 1.417 billion bushels and soybean stocks of 215 million bushels.

Looking ahead to the 2023/24 marketing year, the USDA has further adjusted its forecasts. The corn stocks estimate has been raised to 2.257 billion bushels, up from the previous projection of 2.222 billion bushels. Similarly, the soybean stocks forecast has been increased to 350 million bushels from 335 million bushels.

-      Yahoo! Finance