Today USDA released the latest World Agricultural Supply and Demand Estimates (WASDE) report.
2022/2023 U.S. Ending Stocks
The WASDE report pegged the U.S. 2022/2023 corn ending stocks at 1.267 billion bushels. This is above the trade’s estimate of 1.266 billion bushels and USDA’s January estimate of 1.242 billion bushels.
For soybeans, the U.S. ending stocks were 225 million bushels, exceeding both the trade’s expectation of 211 million bushels and USDA’s January estimate of 210 million bushels.
READ MORE: Argentina’s 2022/23 soybean harvest likely lowest in 14 years due to drought
USDA pegged the U.S. wheat ending stocks at 568 million bushels, slightly above January’s estimate of 567 million bushels but below the trade’s expectation of 576 million bushels.
2022/2023 World Ending Stocks
USDA pegged the world’s corn ending stocks at 295.3 million metric tons (mmt.) vs. the trade’s expectation of 294.7 mmt. Last month, USDA’s estimate was 296.4 mmt.
For soybeans, the world ending stocks are estimated at 102 mmt., in line with the trade’s expectation of 102 mmt. USDA’s January estimate was 103.5 mmt.
For wheat, USDA pegged world ending stocks at 269.3 mmt. This is above the trade’s expectation of 268.6 mmt. and the January estimate of 268.4 mmt.
READ MORE: Don’t ignore chart signals, analyst says
2022/2023 Argentina and Brazil Crop Production
For corn, Argentina’s production is pegged at 47 mmt., below the trade’s expectation of 48.5 mmt. and last month’s estimate of 52 mmt.
Brazil’s corn production is estimated at 125 mmt. vs. the trade’s expectation of 125.2 mmt. and last month’s estimate of 125 mmt.
For 2021/2022, Brazil and Argentina combined are estimated to have produced 165.5 mmt. of corn. As of now they are estimated to surpass that total in 2022/2023 by 6.5 mmt.
For soybeans, Argentina is estimated to produce 41 mmt. vs. the trade’s expectation of 42.3 mmt. and January’s estimate of 45.5 mmt.
Brazil’s soybean production is pegged at 153 mmt. in line with the trade’s expectation of 153 mmt. and last month’s estimate of 153 mmt.
For 2021/2022, Brazil and Argentina combined are estimated to have produced 173.4 mmt. of soybeans. As of now, they are estimated to surpass that in 2022/2023 by 20.6 mmt.
