(WASHINGTON D.C.)– On Friday, the USDA released the May 2023 World Agricultural Supply and Demand Estimates report. This report offers the first look at the new crop balance sheets for the 23/24 marketing year.
On the corn side, USDA says 2023/24 ending stocks are at 2.222 billion bushels, which is up from 1.417 billion this year and higher than trade expectations of 2.094 billion bushels. USDA cut old crop corn exports by 75 million bushels on the report but USDA says that U.S. corn exports for 2023/24 are set to rise by 325 million bushels to 2.1 billion, as lower prices support a sharp increase in global trade following a decline in the 2022/23 marketing year.
In soybeans, USDA says that new-crop ending stocks are projected at 335 million bushels. That is up from 215 million last year and much higher than the trade expectations of 293 million bushels. The soybean crush for 23/24 is projected at 2.31 billion bushels.
As for the wheat side of the balance sheet, USDA say the outlook for U.S. wheat is for reduced supplies and exports, increased domestic use and smaller stocks compared to this year. The all wheat production estimate is 1.659 billion bushels, up slightly from last year’s 1.650 billion bushel number. There was a big increase in acres as well. New crop ending stocks for wheat are at 556 million bushels, down from 598 million last year and the lowest in 16 years.
You can view the full report here: https://www.usda.gov/oce/commodity/wasde
Below is market commentary and analysis of the May WASDE report with Arlan Suderman, Chief Commodities Economist at StoneX: