The USDA’s April World Ag Supply and Demand Estimates report says the Russian military action in Ukraine significantly increased the uncertainty of global supply and demand conditions.
The corn outlook is for offsetting changes to feed and residual use and corn used for ethanol production. Corn ending stocks are unchanged at 1.44 billion bushels, and the season-average farm price rose 15 cents to $5.80 a bushel.
U.S. soybean supply and use changes for 2021-2022 include increased exports and seed use and lower ending stocks. Soybean ending stocks are projected at 260 million bushels, down 25 million due to a corresponding 25 million bushel increase in exports. The season-average soybean price is unchanged at $13.25 per bushel.
The wheat outlook calls for stable supplies, lower domestic use, reduced exports, and higher ending stocks. Exports were lowered by 15 million bushels to the lowest export numbers since 2015-2016. The season-average farm price rose 10 cents to $7.60 a bushel.