Cash Strategist 5/18/22
The U.S. Department of Agriculture (USDA) left its 2021-2022 corn carryout unchanged in the May World Agriculture Supply and Demand Estimates (WASDE) report at 1.44 billion bushels. The 2022-23 initial national average corn yield was published at 177 bushel per acre, just under the average trade guess and 4 bushels below the USDA's estimate at the Agricultural Outlook Forum in February.
Total production was estimated at 14.46 billion bushels. Ending stocks for 2022-23 are estimated at 1.36 billion bushels, which was just above the average trade estimate. The average cash corn value for 2023 is estimated at $6.75 per bushel.
Soybean balance sheets were updated with a 25 million bushel reduction to the 2021-2022 carryout due to high exports, putting ending stocks at 235 million bushels. This was just over the average trade estimate. This year’s U.S. soybean yield was ...
Members Only Content
Join Iowa Farm Bureau or login to view all members only content and receive other member benefits.