MarketsFarm — The U.S. corn carryout for the 2022-23 crop year came in below average trade guesses while soybean supplies were above expectations, according to the quarterly stocks report from the U.S. Department of Agriculture released Friday.
There were 1.36 billion bushels of corn in storage in the country as of Sept. 1, which was down one per cent on the year and well below average trade guesses closer to 1.43 billion bushels. Of that total, 605 million bushels were stored on farm, which was up by 19 per cent, with off-farm storage down 13 per cent at 756 million bushels.
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USDA also adjusted its 2022-23 corn production numbers slightly, with average yields raised to 173.4 bushels per acre, from 173.3 bu./ac., but production down by 15 million bushels from an earlier estimate at 13.715 billion bushels due to an acreage adjustment.
For soybeans, ending stocks were pegged at 268 million bushels by USDA, with 72 million bushels on farm and the remainder in commercial hands. That compares with the 274-million-bushel carryout from the previous year and came as somewhat a surprise to market participants who had generally anticipated a small downward revision from the 250 million bushels projected earlier in the month.
Soybean production in 2022-23 was lowered to 4.27 billion bushels, from an earlier estimate of 4.276 billion bushels, which was in line with trade expectations.
For wheat, the stocks as of Sept. 1, 2023, came in at 1.78 billion bushels, which was slightly above average trade expectations but right in line with the 1.778 billion bushels of wheat on hand at the same time a year ago.
