USDA raised its estimate for the 2022-23 U.S. winter wheat crop to 1.182 billion bu., higher than analyst expectations, and hiked its forecast for new-crop U.S. corn ending stocks. The following is a summary of key numbers in USDA’s Supply and Demand and Crop Production reports for June:
U.S. Carryover | ||
Corn – billion bushels | ||
2021-22 | 2022-23 | |
USDA | 1.485 | 1.400 |
Average est. | 1.437 | 1.340 |
USDA May | 1.440 | 1.360 |
Soybeans – million bushels | ||
2021-22 | 2022-23 | |
USDA | 205 | 280 |
Average est. | 218 | 307 |
USDA May | 235 | 310 |
Wheat – million bushels | ||
2021-22 | 2022-23 | |
USDA | 655 | 627 |
Average est. | 666 | 614 |
USDA May | 655 | 619 |
Cotton – million bales | ||
2021-22 | 2022-23 | |
USDA | 3.40 | 2.90 |
Average est. | NA | 3.11 |
USDA May | 3.40 | 2.90 |
Global Carryover | ||
Corn – MMT | ||
| 2021-22 | 2022-23 |
USDA | 310.92 | 310.45 |
Average est. | 308.57 | 305.10 |
USDA May | 309.39 | 305.13 |
Soybeans – MMT | ||
| 2021-22 | 2022-23 |
USDA | 86.15 | 100.46 |
Average est. | 84.82 | 99.77 |
USDA May | 85.24 | 99.60 |
Wheat – MMT | ||
| 2021-22 | 2022-23 |
USDA | 279.40 | 266.85 |
Average est. | 279.83 | 267.18 |
USDA May | 279.72 | 267.02 |
Cotton – million bales | ||
| 2021-22 | 2022-23 |
USDA | 82.95 | 82.77 |
Average est. | NA | 82.90 |
USDA May | 83.65 | 82.82 |
Global Production Highlights | ||
Corn – MMT | ||
| 2021-22 | 2022-23 June (May) |
Argentina | 53.00 (53.00) | 55.00 (55.00) |
Brazil | 116.00 (116.00) | 126.00 (126.00) |
South Africa | 16.30 (16.30) | 17.30 (17.30) |
Ukraine | 42.13 (42.13) | 25.00 (19.50) |
China | 272.55 (272.55) | 271.00 (271.00) |
Soybeans – MMT | ||
| 2021-22 | 2022-23 June (May) |
Argentina | 43.40 (42.00) | 51.00 (51.00) |
Brazil | 126.00 (125.00) | 149.00 (149.00) |
Paraguay | 4.20 (4.20) | 10.00 (10.00) |
Wheat – MMT | ||
| 2021-22 | 2022-23 June (May) |
Argentina | 22.15 (22.15) | 20.00 (20.00) |
Australia | 36.30 (36.30) | 30.00 (30.00) |
Canada | 21.65 (21.65) | 33.00 (33.00) |
EU | 138.42 (138.42) | 136.10 (136.50) |
Russia | 75.16 (75.16) | 81.00 (80.00) |
Ukraine | 33.01 (33.01) | 21.50 (21.50) |
U.S. Winter Wheat Production | |
Winter wheat – billion bu. | |
USDA | 1.182 |
Average est. | 1.174 |
USDA May | 1.174 |
USDA 2021 | 1.277 |
| |
HRW wheat – million bu. | |
USDA | 582 |
Average est. | 585 |
USDA May | 590 |
USDA 2021 | 749 |
| |
SRW wheat – million bu. | |
USDA | 358 |
Average est. | 357 |
USDA May | 354 |
USDA 2021 | 361 |
| |
White winter wheat – million bu. | |
USDA | 242 |
Average est. | 232 |
USDA May | 230 |
USDA 2021 | 167 |