March WASDE Lowers Corn Export Demand

The USDA World Agriculture Supply and Demand Estimates for 2022-2023 U.S. corn calls for lower exports and larger ending stocks. Exports are reduced by 75 million bushels to reflect the poor pace of sales and shipments this year despite relatively competitive U.S. prices. With no other changes from February, ending stocks rose by 75 million bushels. The season-average corn price dropped a dime to $6.60 a bushel.
Soybean supply and use changes for 2022-2023 include higher exports, lower crush, and reduced ending stocks compared with February. Exports are up by 25 million to 2.02 billion bushels based on higher-than-expected shipments through February. As higher exports more than offset lower crush, ending stocks dropped 15 million bushels to 210 million, which would be the lowest in seven years. The season-average soybean price is unchanged at $14.30.
The 2022-2023 U.S. wheat supply and demand outlook is unchanged from February. The season-average price is $9.