February WASDE
- Corn End Stocks New: 1,267 Million bushels ↑ of 25 million bushels
- Soybean End Stocks New: 225 Million bushels ↑ of 15 million bushels
- Wheat End Stocks New: 568 Million bushels ↑ of 1 million bushel
- Cotton End Stocks New: 4.30 million bales ↑ of 100,000 bales
February WASDE Crop Production and World Agricultural Supply and Demand Estimates (WASDE) report. The USDA raised the domestic corn ending stocks by 25 million bushels to 1.267 billion bushels and boosted the soybean ending stocks for the 2022-23 marketing year to 225 million bushels, which is 15 million bushels higher than last month. The USDA left the Brazilian crop forecasts unchanged at 153 million metric tons of soybean production and 125 million metric tons of corn.
CORN
The USDA raised domestic corn ending stocks by 25 million bushels to 1.267 billion bushels. They left production estimates unchanged at 13.73 billion bushels. On the demand side, the USDA left exports unchanged but decreased ethanol usage by 25 million bushels.
Globally, ending stocks declined slightly by more than 1 million metric tons to 295.28 million metric tons. The USDA left Brazilian corn production unchanged at 125 million metric tons, and decreased Argentina’s crop by 5 million metric tons to 47 million metric tons due to ongoing drought concerns. The USDA anticipates that higher production in the Philippines and Vietnam will offset some of Argentina’s decline. They expect higher exports from Brazil, with a 3 million metric ton increase to 76 million metric tons.
SOYBEANS
The USDA increased soybean ending stocks to 225 million bushels, which represents a 15-million-bushel increase from the previous month, as a result of a 15 million bushel decrease in U.S. crush estimates. All other demand estimates remained unchanged.
Globally, the USDA reduced the ending stocks by 1.5 million metric tons. They kept Brazilian production unchanged at 153 million metric tons but decreased Argentina’s output to 41 million metric tons due to ongoing drought concerns. The USDA expects that higher stocks in China will partially counteract the lower supplies from South America.
WHEAT
The USDA increased its estimate for U.S. 2022-2023 wheat ending stocks to 568 million bushels, which is lower than the pre-report estimates of 579 million bushels. The USDA kept wheat exports unchanged at 775 million bushels. The USDA estimated the world wheat production at 738.8 million metric tons, an increase from 781.31 million metric tons in January.
The USDA’s estimate was lower than the International Grains Council’s estimate of 796 million metric tons. The USDA estimated Russia’s wheat exports at 43.5 million metric tons, a rise from 43 million metric tons last month, and Ukraine’s exports at 13.5 million metric tons, an increase from 13 million metric tons in January. The USDA’s estimate for world-ending wheat stocks, excluding China, stood at 269.34 million metric tons in February, slightly higher than the 268.39 million metric tons in January.
