Corn and Soybean Stocks Raised in Latest WASDE Report
The USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) report on Wednesday, showing higher stocks for both corn and for soybeans.
The 2022/23 U.S. corn outlook showed that corn used for ethanol was reduced by 25 million bushels. Other uses were unchanged, resulting in corn ending stocks up 25 million bushels compared to the month prior.
The season-average corn price was unchanged at $6.70 per bushel.
Global coarse grain production was lowered by 3.6 million tons. Corn production for Argentina was cut based on reductions to both area and yield, according to USDA. Global ending stocks were down 1.1 million from last month, to 295.3 million tons.
For soybeans, the U.S. outlook for 2022/23 called for lower soybean crush and increased ending stocks. Soybean exports were unchanged. This resulted in ending stocks increasing by 15 million bushels to 225 million...
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