Dale Johnson, Farm Management Specialist
University of Maryland
Information from USDA WASDE report
Attached is the summary for the January 2022 WASDE.
Corn
2021/22 harvested acres estimate was increased by 300,000 acres which increased production and supply estimate by 52 million bushel. On the demand side there were minor adjustments with the net effect of a demand estimate increase of 5 million bushel. The result of these supply and demand estimates was an increase in ending stocks of 47 million bushels increasing the stocks-to-use ratio to 10.4% from 10.1 in December. March 2022 futures increased from $5.92 on December 9 to peaked at $6.18 on December 28 and close at $5.99 on January 12.
Soybeans
There were minor adjustments in soybean supply and demand estimates resulting in an increase of ending stocks estimate of 10 million bushels and an increase in the stocks-to-use ratio from 7.8% to 8.0 %. January 2022 futures price increased dramatically from $12.65 on December 9 to close at $13.91 on January 12.
Wheat
On the supply side, wheat import estimate was decreased by 10 million bushel. On the demand side, Feed and Residual estimate was decreased by 25 million bushel and export estimate was decreased by 15 million bushels. The net effect of supply and demand adjustments was an increase in ending stocks of 30 million bushel. The stocks-to-use ratio increased from 29.9% to 32%. December futures decreased from $7.77 on December 9 to $7.58 on January 12.
