Historically, USDA makes very few changes to supply and demand outlooks this early in the season, with the most recent exception occurring in 2012 … until today. The biggest surprises included a 4-bu. reduction in corn yield and soybean ending stocks came in at 300 million bushels, which is 100 million bushels higher than trade estimates.
For corn, the July WASDE report resulted in:
• Corn beginning stocks are lowered 50 million bushels, as greater feed and residual use for 2022/23 more than offsets reductions in corn used for ethanol and exports.
By AGWEB EDITORS
July 12, 2023