Market News & Headlines >> USDA Expected to Cut Soy Crop, Stocks Estimates
USDA is expected to cut its estimate of U.S. 2022 soybean production and lower its forecast for 2022/23 U.S. soybean ending stocks based on lower-than-expected plantings indicated by the June Crop Acreage report when it releases its monthly Supply/Demand report.
In contrast, USDA’s projections for U.S. corn production and ending stocks are expected to rise slightly, based on the acreage data.
Pre-report trade expectations of the 2022/23 U.S. soybean carryout average 211 million bushels in a range from 141-275 million bushels compared with USDA’s June forecast of 280 million bushels, according to a Reuters News Service survey of 20 analysts. Pre-report estimates of the 2021/22 carryout average 208 million bushels.
On average, the trade expects USDA to peg 2022 soybean production at 4.532 billion bushels, down from the agency’s previous forecast of 4.640 billion bushels, based on the June soybean plantings estimate of 88.325 million acres, down from the March planting intentions of 90.955 million acres.
Pre-report trade estimates of 2022/23 U.S. corn ending stocks avg. 1.442 billion bushels in a range from 1.310-1.565 billion compared with USDA’s June forecast of 1.400 billion. Trade estimates of 2021/22 ending stocks average 1.488 billion bushels versus USDA’s June estimate of 1.485 billion.
Trade estimates of the U.S. corn crop avg. 14.520 billion bushels in a range from 14.460-14.640 billion compared with USDA’s June estimate of 14.460 billion, according to a Reuters News Service survey.
USDA is expecting USDA to raise its forecast for 2022/23 U.S. wheat carryout slightly due to higher crop production. Trade estimates of the wheat carryout average 638 million bushels in a range from 550-690 million compared with USDA’s June forecast of 627 million bushels. Production is expected to be raised primarily based on favorable spring wheat crop conditions.