TheUSDAreleased its JulyWorld Agricultural Supply and Demand Estimates (WASDE)report on Tuesday.
With no major surprises in USDA’s latest adjustments to balance sheets,commodity prices continued to see double-digit losses Tuesday, reportedAgWeb.
USDA’s July report shows:
- Higher U.S. corn supplies and ending stocks
- No change to U.S. corn yield
- Lower domestic soybean production
- No change to U.S. soybean yields
- Increase in U.S. wheat supplies due to higher yields and harvested area
WHEAT
- The outlook for 2022/23 U.S. wheat this month is for larger supplies, domestic use,
exports, and ending stocks. - The 2022/23 global wheat outlook is for fewer supplies, reduced consumption, higher exports,
and increased stocks.
COARSE GRAINS
- This month’s 2022/23 U.S. corn outlook is for larger supplies and higher
ending stocks. - This month’s 2022/23 foreign coarse grain outlook is for lower production and use, and larger
stocks relative to last month. - Major global trade changes for 2022/23 include larger corn exports for Paraguay with a reduction
for Russia.
OILSEEDS
- U.S. oilseed production for 2022/23 is projected at 132.7 million tons, down 3.9 million from last month with reductions for soybeans, canola, peanuts, and cottonseed partly offset by an increase for sunflower seed.
- The U.S. season-average soybean price for 2022/23 is forecast at $14.40 per bushel, down
$0.30 from last month. - The 2022/23 global oilseed supply and demand forecasts include lower production, lower
exports, higher crush, and lower ending stocks compared to last month.