(Washington D.C.)- The USDA released the January World Agricultural Supply and Demand Estimates report as well as the Quarterly Grain Stocks report and Winter Wheat Seedings at 11am CST on Thursday, January 12th, 2023.
Some of the headline numbers out Thursday included U.S. corn yield above trade expectations at 173.3 bushels per acre and soybeans below expectations at 49.5 bushels per acre. On corn we saw a big cut to harvested acreage of 1.6 million acres from the November report. Soybean harvested acreage dropped by 300,000 acres as well.
U.S. corn and soybean ending stocks came in below expectations at 1.242 billion bushels on corn and 0.210 billion bushels on soybeans. Wheat ending stocks in the U.S. came in at 0.567 billion bushels. All of these were below USDA’s December numbers. We saw smaller harvests outweigh cuts to export demand.
The winter wheat acres seeded for 2023 came in at 36.95 million, above average trade guess of 34.485 million.
Argentine corn production drops to 52.0 mmt, matching trade expectations. Soybean production in Argentina fell to 45.5 mmt, below trade estimates. Brazil’s soybean crop saw an increase while Brazil corn production saw a slight cut.
Listen to analysis with Jesse Allen and Arlan Suderman, Chief Commodities Economist at StoneX below:
https://open.spotify.com/episode/3w92xBdfZed4riAa45Qdys?si=kHSgjU87T4WKqTpTVxMP2g
Below are links to view the reports from USDA once they are made public.
WASDE: https://www.usda.gov/oce/commodity/wasde
Grain Stocks and Winter Wheat Seedings: https://www.nass.usda.gov/Publications/
