Dale Johnson, Farm Management Specialist
University of Maryland
Information from USDA WASDE report
Attached is the summary for the September 2021 WASDE.
Corn
2021/22 yield estimate was increased by 0.2 bushel per acre. The beginning supply estimate was adjusted up 49 million bushel. The net effect of these adjustments on estimated supply was an increase of 72 million bushel. On the demand side there were minor adjustments with the net effect of a decrease of 20 million bushel. The result of these supply and demand estimates was an increase in ending stocks of 92 million bushels and an increase in the stocks to use ratio from 9.5% to 10.1%. December futures peaked at $5.49 on September 30 but settled back at $5.22 on October 12.
Soybeans
2021/22 yield estimate was increased by 0.9 bushel per acre . The beginning supply estimate was adjusted up by 80 million bushel. Imports were adjusted down 10 million bushel. The net effect of these adjustments on estimated supply was an increase of 145 million bushel. Crushings were adjusted up 10 million bushels and residual was adjusted up 1 million bushel. The Net effect of all adjustments was an increase of 135 million bushels in ending stocks and increase in the stocks to use ratio from 4.2% to 7.3 %. November futures prices on June 10 closed at $14.59. November futures peaked at $13.08 on September 16 and trended down to settle at $11.98 on October 12.
Wheat
There were small adjustments and demand and supply categories resulting in a net effect of a 35 million bushel decrease in ending stocks decreasing the ending stocks-to-use ratio from 29.8% to 28.5%. December futures peaked at $7.64 on October 4 then declined to settle at $7.34 on October 12.
