Friday’s WASDE was reasonably quiet on the corn front, with only a modest change made to export demand on the 2021/22 domestic balance sheet.

With the 50 million bushel reduction in exports and a 5 million bushel increase to food/seed/industrial use, 2021/22 ending stocks were raised by 45 million bushels, to 1.485 billion. Stocks-to-use is just under 10 percent. The only changes made to 2022/23 other than the subsequent adjustment to beginning stocks was an additional 5 million bushels for food/seed/and industrial. Ending stocks for the upcoming marketing year are currently projected at 1.4 billion bushels.

On the global balance sheet, ending stocks for 2021/22 increased by about 1.5 MMT, to nearly 311 MMT. Ukrainian exports were left unchanged at 23 MMT. U.S. exports have trailed the forecast as South American corn supplies remain abundant and cheaper relative to those of U.S. origin.

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Source: USDA
Posted by: Information Services
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