Cash Strategist 9/21/2022
Report offers balance sheet adjustmentSeveral changes were made to U.S. corn balance sheets in the U.S. Department of Agriculture's monthly World Agricultural Supply and Demand Estimates (WASDE) report.
On the 2021-22 balance sheets, we mostly saw final positioning for the year with corn ending stocks at 1.525 billion bushels, down 5 million bushels from August. New-crop production was significantly lowered by 415 million bushels as yield and harvested acres both decreased. The USDA is now forecasting a U.S. corn yield of 172.5 bushels per acre, down 3 bushels from August.
Harvested acres were adjusted 1 million lower to put crop size at 13.94 billion bushels. The USDA lowered 2022-23 feed demand by 100 million bushels, ethanol use by 50 million bushels and exports by 100 million bushels to leave ending stocks at 1.22 billion bushels. This is an 8.5% stocks-to-use ratio and would warrant additional...
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