The USDA’s World Ag Supply and Demand Estimate (WASDE) report for June 2022 is calling for a U.S. corn planted area and yield forecast unchanged from May.
This month’s 2022-2023 corn outlook is for larger beginning stocks, slightly higher use, and increased ending stocks. USDA will release its survey-based Acreage report on June 30. Corn’s season-average farm price is unchanged at $6.75 a bushel.
The soybean supply and use projections include lower beginning and ending stocks and higher prices. Soybean export projections are raised 30 million bushels to 2.17 billion, reflecting strong export sales and reduced Brazilian exports. Soybean ending stocks are projected to be 280 million bushels, down 30 million from last month. The soybean season-average price is forecast at $14.70 a bushel, 30 cents higher than last month.
The wheat outlook is for increased supplies, unchanged domestic use and exports, and higher stocks. All-wheat production is forecast at 1.7 billion bushels, with the season-average price unchanged at $10.75 a bushel.