Today USDA released the January World Agricultural Supply and Demand Estimates (WASDE) report.
January 2023 WASDE Report
2022/2023 U.S. Ending Stocks
The WASDE report pegged the U.S. 2022-2023 corn ending stocks at 1.242 billion bushels. This is below the trade’s estimate of 1.314 billion bushels and USDA’s December estimate of 1.257 billion bushels.
For soybeans, the U.S. ending stocks were 210 million bushels, below the trade’s expectation of 236 million bushels and USDA’s December estimate of 220 million bushels.
USDA pegged the U.S. wheat ending stocks at 567 million bushels, below with December’s estimate of 571 million bushels and the trade’s expectation of 580 million.
2022/2023 World Ending Stocks
USDA pegged the world’s corn ending stocks at 296.4 million metric tons (mmt.) vs. the trade’s expectation of 297.9 mmt. Last month USDA’s estimate was 298.4 mmt.
For soybeans, the world ending stocks are estimated at 103.5 mmt., above the trade’s expectation of 101.7 mmt. USDA’s December estimate was 102.7 mmt.
For wheat, the USDA pegged world ending stocks at 268.4 mmt. This is slightly above the trade’s expectation of 268 mmt. and above the December estimate of 267.3 mmt.
2022/2023 Argentina and Brazil Crop Production
For corn, Argentina’s production is pegged at 52 mmt., in line with the trade’s expectation of 52 mmt. and below last month’s estimate of 55 mmt. Brazil’s corn production is estimated at 125 mmt, vs. the trade’s expectation of 126.3 mmt. and last month’s estimate of 126 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 11.5 mmt.
For soybeans, Argentina is estimated to produce 45.5 mmt., vs. the trade’s expectation of 46.7 mmt. and December’s estimate of 49.5 mmt. Brazil’s soybean production is pegged at 153, vs. the trade’s expectation of 152.3 mmt. and last month’s estimate of 152 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 25.1 mmt.
