In the July WASDE, USDA raised its 2022/23 world corn ending stocks by about 2.5 MMT to 312.9 MMT, up slightly from carryout this season. World corn production was raised some 100,000 MT to nearly 1.186 billion MT, down roughly 32,000 MT from the projected volume of the current season.

U.S. corn area planted for 2022/23 was raised by about 400,000 acres to 89.9 million acres, down almost 4 million acres from the current season. Beginning stocks for the new season were raised by 25 million bushels to 1.510 billion bushels on lower 2021/22 feed and residual use. With domestic demand unchanged for 2022/23, ending stocks were raised 70 million bushels to 1.470 billion bushels.

U.S. 2022/23 soybean planted area was cut about 2.7 million acres to 88.3 million acres, still up slightly from the current season’s forecast. Production for 2022/23 was lowered about 135 million bushels to 4.505 billion bushels. Total use was reduced to 4.505 billion bushels. With carry-in higher and both production and use lower, ending stocks were cut 50 million bushels to 230 million bushels.

U.S. corn demand, by category

Source: USDA
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