USDA Predicts Increased US Corn Supplies in Latest WASDE Report

Agriculture – USDA projects larger US corn supplies

In its latest WASDE, the USDA estimates 2023/24 US corn production to rise by 23m bushels to 15.134bn bushels as a sizable harvest offsets falling yields. As a result, 2023/24 ending stock estimates were increased by 19m bushels to 2.2bn bushels. For the global balance, 2023/24 ending stock estimates were increased from 311.1mt to 314mt, primarily due to higher beginning stocks and rising supply.

For soybeans, the USDA slashed its 2023/24 US production estimate from 4,205m bushels to 4,146m bushels due to falling yields. Lower beginning stocks and output mean that US ending stocks were cut from 245m bushels to 220m bushels. The global soybean balance saw 2023/24 ending stocks lowered marginally from 119.4mt to 119.3mt. Lower US supplies were largely offset by reduced demand.

Finally, for wheat, the USDA lowered its global ending stocks estimate by 7mt to 258.6mt for 2023/24. The agency expects 2023/24 global wheat production to slide by 6mt to 787.3mt, due to lower production from Australia (-3mt), Canada (-2mt), Argentina (-1mt) and the EU (-1mt). The USDA left the US wheat balance largely unchanged.