(WASHINGTON D.C.)– On Friday, USDA released multiple reports including the January WASDE Report, December 1st Grains Stocks and Winter Wheat Seedings. USDA says the size of the 2023 U.S. corn and soybean crops got bigger.
AUDIO: Listen to report reaction and analysis with Arlan Suderman, Chief Commodities Economist at StoneX:
Final U.S. corn yield came in at a record 177.3 bushels per acre (BPA) bring production to 15.342 billion bushels while U.S. soybean yield came in at 50.6 BPA with production up to 4.165 billion bushels.
For quarterly grain stocks, soybeans came in at 3.0 billion bushels, corn stocks came in at 12.169 billion bushels and wheat stocks came in at 1.410 billion bushels. USDA did raise corn feed usage by 25 million bushels and ethanol use by 50 million bushels on this report.
USDA cut Brazil’s soybean crop estimate down to 157.0 million metric tons (MMT), down from 161 MMT last month. Brazil’s corn production was cut 2 MMT to 127 MMT. USDA raised Argentine soybean production by 2 MMT up to 50 MMT and left the Argentine corn crop unchanged at 55 MMT.
All winter wheat seedings came in at 34.425 million acres, below trade estimates.
You can view the WASDE Report here: https://www.usda.gov/oce/commodity/wasde
You can view the Dec. 1st Grain Stocks Report here: https://usda.library.cornell.edu/concern/publications/xg94hp534
You can view the Winter Wheat and Canola Seedings Report here: https://usda.library.cornell.edu/concern/publications/z890rt24s
