In the January WASDE, USDA increased its 2021/22 U.S. corn production estimated to 15.115 billion bushels, up 53 million bushels from the December estimate.
USDA raised 2021/22 corn ending stocks to 1.540 billion bushels, up 47 million bushels from the previous forecast. Corn exports were cut 75 million bushels to 2.425 billion bushels. Food, seed, and industrial (FSI) demand rose 80 million bushels, with ethanol demand accounting for 75 million bushels of that increase.
The U.S. 2021/22 soybean crop was estimated at 4.435 million bushels, up 10 million bushels from the previous estimate. The additional production raised 2021/22 soybean ending stocks to 350 million bushels.
The larger soybean crop can be attributed to improved yield, which rose 0.2 bushels per acre (bpa) to 51.4 bpa.
U.S. corn production & ending stocks by season
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