The corn balance sheet projections from the USDA's Ag Outlook Forum last week forecast 92 million planted acres in the United States, down 1.4 million from last year but 200,000 more than the average trade guess. 

Corn yield is estimated at 181 bushels per acre and total crop production at 15.24 billion bushels. The USDA is predicting a new-crop corn carryout of 1.965 billion bushels, well above the current estimate of 1.54 billion bushels for this year. The average cash corn value for 2022-2023 is predicted at $5 per bushel, down 45 cents from the current marketing year.  

For soybeans, the USDA is predicting plantings of 88 million acres. This is 800,000 more than last year’s plantings, but 1.2 million under trade expectations. The USDA projects an average soybean yield of 51.5 bushels per acre and a crop size of 4.49 billion bushels. 

The USDA is predicting a 2022-2023 soybean carryout of 305 million bushels, 20 million bushels...