Corn outlook

The 2023/24 U.S. corn outlook is for larger production, and subsequently, greater domestic use, greater exports, and higher ending stocks.

U.S. corn production for 2023/24 is projected at 15.3 billion bushels, a record number and up more than 10 percent from 2022/23 production numbers.

For China, total coarse grain imports for 2023/24 are forecast at 38.4 MMT, with corn imports at 23 MMT.

Soybean outlook

The 2023/24 outlook for U.S. soybeans is for lower exports, but higher supplies, crush, and ending stocks compared to 2022/23. This reflects the expectation that yields will recover from last year and more soybeans will be used domestically. The U.S. soybean crop is projected at 4.51 billion bushels, a 5 percent increase from 2022/23.

Wheat outlook

The 2023/24 outlook for U.S. wheat is for reduced supplies and exports compared to last year, increased domestic use, slightly larger production, and smaller stocks. U.S. wheat production is projected at 1.659 billion bushels, a modest increase compared to last year.

The global wheat outlook for 2023/24 is for lower yields compared with 2022/23 resulting in lower supplies, trade, consumption, and ending stocks.

Sugar outlook

U.S. sugar beet production for 2023/24 is projected at 33.345 million tons with yield forecast at 30.77 tons per acre and area harvested projected at 1.084 million acres.

Beet sugar production for the August-July crop and fiscal year is at 4.961 million short tons, raw value (STRV).

Cane sugar production for 2023/24 is projected at 4.264 million STRV, slightly higher than 2022/23 production levels.

The stocks-to-use ratio is projected at 11.3 percent; USDA may raise imports in a future report to boost the ratio.

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Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.