In its March WASDE report, USDA made minor changes to the U.S. corn and soybean demand forecasts.

USDA did not change its prior 2021/22 U.S. corn production estimate of 15.115 billion bushels. However, it did add 25 million bushels to both food, seed & industrial use and to ethanol use, bringing domestic to 12.435 billion bushels. After also adding 75 million bushels to forecast exports, ending stocks were cut by 100 million bushels to 1.440 billion bushels.

U.S. soybean exports for 2021/22 were raised by 40 million bushels to 2.090 billion bushels, pushing total use to 4.422 billion bushels. With 2021/22 production unchanged at 4.435 billion bushels ending stocks fell by 40 million bushels to 285 million bushels.

U.S. corn production & ending stocks by season

Source: USDA
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