Report snapshot: quarterly stocks short of pre-report estimates

Corn, soybeans turn higher on USDA data. Corn and soybean production also fell short of estimates, leaving ending stocks below the average pre-report estimate.

•

January 12, 2023 11:34 AM

2022 U.S. Corn, Soybean and Cotton Production
Corn
	Production (bil. bu.)	Yield (bu. per acre)	Harvested acres (mil.)
USDA	13.730	173.3	79.2
Average est.	13.933	172.5	80.763
USDA November	13.930	172.3	80.844

Soybeans
	Production (bil. bu.)	Yield (bu. per acre)	Harvested acres (mil.)
USDA	4.276	49.5	86.3
Average est.	4.362	50.3	86.621
USDA November	4.346	50.2	86.631

Cotton
	Production (mil. bales)	Yield (lbs. per acre)	Harvested acres (mil.)
USDA	14.68	947	7.44
Average est.	14.140	NA	NA
USDA December	14.242	868	7.876

Quarterly Grain Stocks Report
Corn – billion bu.
USDA Dec. 1, 2022	10.809
Average est.	11.153
USDA Sept. 1, 2022	1.377
USDA Dec. 1, 2021	1.1642

Soybeans – billion bu.
USDA Dec. 1, 2022	3.022
Average est.	3.132
USDA Sept. 1, 2022	0.274
USDA Dec. 1, 2021	3.152

Wheat – billion bu.
USDA Dec. 1, 2022	1.280
Average est.	1.344
USDA Sept. 1, 2022	1.776
USDA Dec. 1, 2021	1.378

Winter Wheat Seedings
All winter wheat – million acres
USDA	36.950
Average est.	34.485
USDA final 2022	33.271

HRW wheat – million acres
USDA	25.3
Average est.	23.824
USDA final 2022	23.083

SRW wheat – million acres
USDA	7.90
Average est.	6.890
USDA final 2022	6.570

White winter wheat – million acres
USDA	3.73
Average est.	3.631
USDA final 2022	3.618

Expectations for U.S. Carryover
Corn – billion bushels
	2022-23
USDA	1.242
Average est.	1.314
USDA December	1.257
USDA 2021-22	1.377

Soybeans – million bushels
	2022-23
USDA	210
Average est.	236
USDA December	220
USDA 2021-22	274

Wheat – million bushels
	2022-23
USDA	567
Average est.	580
USDA December	571
USDA 2021-22	600

Cotton – million bales
	2022-23
USDA	4.20
Average est.	3.50
USDA December	3.50
USDA 2021-22	3.75

Agriculture News