The January 2022/23 U.S. corn outlook is for reduced supplies, exports, domestic use, and ending stocks compared to December estimates. USDA lowered forecast supply because of the reduction of the harvested corn area, affecting production. Domestic use declined 35 million bushels to 12 billion bushels, and ending stocks were down 6 million bushels to 364.9 million bushels.
The 2022/23 U.S. soybean outlook this month is for reduced production, exports, residual use, and ending stocks. Soybean crush remained unchanged from last month. Yield per harvested is projected at 49.5 bushels, down from last month and lowering forecast production and supply. Soybean exports slowed by 55 million bushels to 2 billion bushels. Ending stocks are reduced by 10 million bushels from last month.
This month’s 2022/23 U.S. wheat outlook is for slightly increased supply, unchanged exports, increased domestic use, and lower ending stocks. Increased supply is triggered by higher beginning stocks. Feed and residual use of wheat is up 30 million bushels to 80 million bushels. Ending stocks are reduced by 4 million bushels to 567 million bushels.
There was no change in this month’s U.S. sugar exports, deliveries, and use. Sugar supply projections were raised to 14.5 million short tons, raw value, with the increment of production in beet and cane sugars at 5 million short tons and 4.2 million short tons, respectively. Ending stocks were increased by 178 thousand short tons to 1.9 million short tons.
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