Dale Johnson, Farm Management Specialist
University of Maryland
Information from USDA WASDE report
Attached is the summary for the March 2023 WASDE.
Corn
This month’s 2022/23 U.S. corn outlook is for lower exports and larger ending stocks. Exports are reduced 75 million bushels reflecting the poor pace of sales and shipments to date despite relatively competitive U.S. prices. With no other use changes, ending stocks are up 75 million bushels from last month. The season-average corn price received by producers is lowered 10 cents to $6.60 per bushel based on reported prices to date. Ending stocks-to-use ratio increased from 9.1% in February to 9.7% in March.
Soybeans
U.S. soybean supply and use changes for 2022/23 include higher exports, lower crush, and reduced ending stocks compared with last month’s report. Soybean exports are raised 25 million bushels to 2.02 billion based on higher-than-expected shipments through February. Soybean crush is reduced on a small reduction in domestic soybean meal disappearance combined with a higher extraction rate. With higher exports more than offsetting lower crush, ending stocks are reduced 15 million bushels to 210 million. If realized, ending stocks would be the lowest in seven years. With relatively strong domestic demand for soybean oil limiting export competitiveness, U.S. soybean oil exports are reduced 200 million pounds to a historically low 500 million. Higher domestic use and reduced production are offsetting, leaving soybean oil stocks unchanged this month. Ending stocks-to-use ratio decreased from 5.2% to 4.8%, the lowest since the 2012/13 marketing year.
Wheat
The 2022/23 U.S. wheat supply and demand outlook is unchanged from last month. The projected season-average farm price remains $9.00 per bushel.
