In its June WASDE report, USDA raised its previous estimate for 2022/23 world corn ending stocks by 5.32 MMT to 310.5 MMT, about 400,000 MT below the current season’s volume. World corn production was increased by 5.1 MMT to 1.186 billion MT, up 30.1 MMT from 2021/22.
U.S. corn ending stocks for the new 2022/23 season was raised 40 million bushels from a month prior to 1.400 billion bushels, down 85 million bushels from a month prior. Production for 2022/23 was left unchanged from last month’s estimate of 14.460 billion bushels. Corn demand for ethanol remained unchanged from the current season’s volume of 5.375 billion bushels. Big cuts to corn production and demand for ethanol are unlikely as the current administration seeks to strengthen the Renewable Fuels Act amid soaring gas prices.
Estimated 2022/23 U.S. soybean carryout was cut by 30 million bushels to 280 million bushels, up 75 million bushels from 2021/22—supported by the new-crop estimate of 4.640 billion bushels, up 205 million bushels from YOY, supported by both higher harvest area and soybean yield. Higher carryout is expected despite a forecast increase of almost 2 percent in 2022/23 soybean use.
U.S. corn demand, by category
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