Dale Johnson, Farm Management Specialist
University of Maryland
Information from USDA WASDE report
Attached is the summary for the September 2023 WASDE.
Corn
This month’s 2023/24 U.S. corn outlook is for slightly larger supplies and ending stocks. Projected beginning stocks for 2023/24 are 5 million bushels lower based on mostly offsetting trade and corn used for ethanol changes for 2022/23. Corn production for 2023/24 is forecast at 15.1 billion bushels, up 23 million from last month as greater harvested area more than offsets a reduction in yield. The national average yield is forecast at 173.8 bushels per acre, down 1.3 bushels. Harvested area for grain is forecast at 87.1 million acres, up 0.8 million. Total U.S. corn use is unchanged at 14.4 billion. With supply rising slightly and use unchanged, ending stocks are up 19 million bushels to 2.2 billion. The season-average corn price received by producers is unchanged at $4.90 per bushel.
Soybeans
U.S. soybean supply and use changes for 2023/24 include lower beginning stocks, production, crush, exports, and ending stocks. Lower beginning stocks reflect an increase for exports in 2022/23. Soybean production is projected at 4.1 billion bushels, down 59 million with higher harvested area offset by a lower yield. Harvested area is raised 0.1 million acres from the August forecast. The soybean yield of 50.1 bushels per acre is down 0.8 bushels from last month. The soybean crush forecast is reduced 10 million bushels and the export forecast is reduced 35 million bushels on lower supplies. Ending stocks are projected at 220 million bushels, down 25 million from last month. The U.S. season-average soybean price is forecast at $12.90 per bushel, up $0.20 from last month. The soybean meal price is unchanged at $380 per short ton and the soybean oil price is raised 1.0 cent to 63.0 cents per pound. Other changes this month include higher peanut and lower cottonseed production.
Wheat
The 2023/24 U.S. all wheat outlook for supply and use is unchanged this month with offsetting by-class changes on exports. The projected 2023/24 season-average farm price is also unchanged at $7.50 per bushel.
