Stock market data
Updated: September 26, 2022
By Dale Johnson

August 2022 Grain Market Report

Information summarized from the USDA WASDE report

Corn

This month’s 2022/23 U.S. corn outlook is for lower supplies, reduced feed and residual use, slightly higher food, seed, and industrial use, smaller exports, and lower ending stocks. Projected beginning stocks for 2022/23 are 20 million bushels higher based on a lower use forecast for 2021/22, where a reduction in corn used for ethanol is partially offset by greater use for glucose and dextrose. Corn production for 2022/23 is forecast at 14.4 billion bushels, down 146 million from the July projection. The season’s first survey-based corn yield forecast, at 175.4 bushels per acre, is 1.6 bushels below last month’s projection. Among the major producing states, today’s Crop Production report indicates that yields are forecast above a year ago in Illinois, Minnesota, and South Dakota. Yields in Indiana, Missouri, Nebraska, and Ohio are forecast below a year ago. Iowa is unchanged. Total U.S. corn use for 2022/23 is reduced 45 million bushels to 14.5 billion. Feed and residual use is lowered 25 million bushels based on a smaller crop. Corn used for glucose and dextrose is projected higher based on observed use during 2021/22. Exports for 2022/23 are cut 25 million bushels to 2.4 billion. With supply falling more than use, ending stocks are lowered 82 million bushels to 1.4 billion.

Soybeans

U.S. soybean supply and use changes for 2022/23 include higher beginning stocks, production, exports, and ending stocks. Beginning soybean stocks are raised on lower 2021/22 exports. Soybean production for 2022/23 is forecast at 4.53 billion bushels, up 26 million with higher yields more than offsetting lower harvested area. Harvested area is forecast at 87.2 million acres, down 0.3 million from July. The first survey-based soybean yield forecast of 51.9 bushels per acre is raised 0.4 bushels from last month. Soybean supplies for 2022/23 are projected at 4.8 billion bushels, up 36 million from last month. U.S. soybean exports are raised 20 million bushels to 2.16 billion on increased supplies. Soybean ending stocks are forecast at 245 million bushels, up 15 million.

Wheat

The outlook for 2022/23 U.S. wheat this month is for increased supplies, higher domestic use and exports, and reduced stocks. Supplies are raised on higher production with all wheat production forecast at 1,783 million bushels, up 2 million from last month. Reductions in winter wheat and Durum are more than offset by an increase in Other Spring Wheat. The all wheat yield is 47.5 bushels per acre, up 0.2 bushels from last month. Food use is raised 6 million bushels to 970 million, based primarily on the NASS Flour Milling Products report, issued August 1. The report indicated record wheat flour millings in the April-June quarter, which resulted in raising 2021/22 food use to a record 972 million bushels. Wheat exports for 2022/23 are increased 25 million bushels to 825 million with most of the upward adjustment for Soft Red Winter and White, based on competitive export prices. Projected 2022/23 ending stocks are lowered 29 million bushels to 610 million.

 

CORN Aug. Proj. Jul. Proj. Est.      
U.S. Supply and Demand 2022/23 2022/23 2021/22 2020/21 2019/20 2018/19
Planted (Million acres) 89.8 89.9 93.4 90.7 89.7 88.9
Harvested (Million acres) 81.8 81.9 85.4 82.3 81.3 81.3
Bushel yield/harvested acre 175.4 177 177 171.4 167.5 176.4
SUPPLY (MILLION BUSHELS)
Beginning stocks 1,530 1,510 1,235 1,919 2,221 2,140
Production 14,359 14,505 15,115 14,111 13,620 14,340
Imports 25 25 25 24 42 28
Supply, total 15,913 16,040 16,375 16,055 15,883 16,509
DEMAND (MILLION BUSHELS)
Feed and residual 4,325 5,350 5,625 5,598 5,900 5,429
Feed % of Production 30.1 36.9% 37.2% 39.7% 43.3% 37.9%
Food, seed & industrial 6,825 6,820 6,810 6,470 6,286 6,793
Ethanol for fuel 5,375 5,350 5,375 5,033 4,857 5,378
Ethanol % of Production 37.4 36.9% 35.6% 35.7% 35.7% 37.5%
Domestic, total 12,150 12,170 12,415 12,068 12,186 12,222
Exports 2,375 2,400 2,450 2,753 1,777 2,066
Use total 14,525 14,570 14,865 14,821 13,963 14,288
 
Ending stocks 1,388 1,470 1,510 1,235 1,919 2,221
Ending stocks to use ratio 9.6% 10.1% 10.2% 8.3% 13.7% 15.5%
Average farm price/bushel $6.65 $6.65 $5.95 $4.53 $3.56 $3.61

 

SOYBEANS Aug Proj. Jul. Proj. Est      
U.S. Supply and Demand 2022/23 2022/23 2021/22 2020/21 2019/20 2018/19
Planted (Million acres) 88.0 88.3 87.2 83.4 76.1 89.2
Harvested (Million acres) 87.2 87.5 86.3 82.6 74.9 87.6
Bushel yield/harvested acre 51.9 51.5 51.4 51 47.4 50.6
SUPPLY (MILLION BUSHELS)
Beginning stocks 225 215 257 525 909 438
Production 4,531 4.505 4,435 4,216 3,552 4,428
Imports 15 15 15 20 15 14
Supply, total 4,771 4,735 4,707 4,761 4,476 4,880
DEMAND (MILLION BUSHELS)
Crushings 2,245 2,245 2,205 2,141 2,165 2,092
Exports 2,155 2,135 2,170 2,261 1,682 1,752
Seed 102 102 103 101 96 88
Residual 24 23 15 1 9 39
Use total 4,526 4,505 4,492 4,504 3,952 3,971
 
Ending stocks 245 230 215 257 525 909
Ending stocks to use ratio 5.4% 5.1% 4.8% 5.7% 13.3% 22.9%
Average farm price/bushel $14.35 $14.40 $13.35 $10.80 $8.57 $8.48


Corn and soybean crop marketing year begins September 1 and ends on August 31

 

WHEAT Aug. Proj. July Proj. Est.      
U.S. Supply and Demand 2022/23 2022/23 2021/22 2020/21 2019/20 2018/19
Planted (Million acres) 47.0 47.1 46.7 44.5 45.5 47.8
Harvested (Million acres) 37.5 37.6 37.2 36.8 37.4 39.6
Bushel yield/harvested acre 47.5 47.3 44.3 49.7 51.7 47.6
SUPPLY (MILLION BUSHELS)
Beginning stocks 660 660 845 1,028 1,080 1,099
Production 1,783 1,781 1,646 1,828 1,932 1,885
Imports 110 110 95 100 105 135
Supply, total 2,553 2,551 2,586 2,957 3,117 3,119
DEMAND (MILLION BUSHELS)
Food 970 964 962 961 962 955
Seed 68 68 64 64 60 59
Feed & Residual 80 80 100 95 102 88
Domestic, total 1,118 1,112 1,126 1,120 1,123 1,102
Exports 825 800 805 992 965 937
Use total 1,943 1,912 1,931 2,111 2,089 2,039
 
Ending stocks 610 639 655 845 1,028 1,080
Ending stocks to use ratio 31.4% 33.4% 33.9% 40.0% 49.2% 53.0%
Average farm price/bushel $9.25 $10.50 $7.70 $5.05 $4.58 $5.16

Wheat crop marketing year begins June 1 and ends on May 31

July 2022 Grain Market Report

Information summarized from the USDA WASDE report

Corn

Corn beginning stocks are raised 25 million bushels, based on reduced feed and residual use for 2021/22 as indicated in the June 30 Grain Stocks report. Corn production for 2022/23 is forecast 45 million bushels higher based on greater planted and harvested area from the June 30 Acreage report. The yield is unchanged at 177.0 bushels per acre. With no use changes, ending stocks are up 70 million bushels. The ending stocks-to-use ratio increased from 9.6% to 10.1%.

Soybeans

Soybean production is projected at 4.5 billion bushels, down 135 million on lower harvested area. Harvested area, forecast at 87.5 million acres in the June 30 Acreage Report, is down 2.6 million from last month. The soybean yield forecast is unchanged at 51.5 bushels per acre. With lower production partly offset by higher beginning stocks, 2022/23 soybean supplies are reduced 125 million bushels. Soybean crush is reduced 10 million bushels reflecting a lower soybean meal export forecast. Soybean exports are reduced 65 million bushels to 2.14 billion on lower U.S. supplies, increased South American supplies, and lower global imports. With lower supplies only partly offset by reduced use, ending stocks for 2022/23 are projected at 230 million bushels, down 50 million from last month. The ending stock-to-use ratio is down to 5.1% from 6.1% estimated last month.

Wheat

The outlook for 2022/23 U.S. wheat this month is for larger supplies, domestic use, exports, and ending stocks. Supplies are raised on increased production, which is up 44 million bushels to 1,781 million, on an increase in harvested area and higher yields. The first 2022 survey-based production forecast for other spring and Durum indicated a large increase from last year’s drought-reduced output at 503 million and 77 million bushels, respectively. Winter wheat production is also forecast higher at 1,201 million bushels on an increase in harvested area. The 2022/23 export forecast is raised 25 million bushels to 800 million as the recent decline in U.S. prices makes exports more competitive in international markets. The projected season-average farm price (SAFP) is lowered $0.25 per bushel to $10.50 on declines in futures and cash prices. The ending stock-use-ratio is 33.4% up slightly from 33.3% last month.

 

CORN Jul. Proj. Jun. Proj. Est.      
U.S. Supply and Demand 2022/23 2022/23 2021/22 2020/21 2019/20 2018/19
Planted (Million acres) 89.9 89.5 93.4 90.7 89.7 88.9
Harvested (Million acres) 81.9 81.7 85.4 82.3 81.3 81.3
Bushel yield/harvested acre 177 177 177 171.4 167.5 176.4
SUPPLY (MILLION BUSHELS)
Beginning stocks 1,510 1,485 1,235 1,919 2,221 2,140
Production 14,505 14,460 15,115 14,111 13,620 14,340
Imports 25 25 25 24 42 28
Supply, total 16,040 15,970 16,375 16,055 15,883 16,509
DEMAND (MILLION BUSHELS)
Feed and residual 5,350 5,350 5,625 5,598 5,900 5,429
Feed % of Production 36.9% 37.0% 37.2% 39.7% 43.3% 37.9%
Food, seed & industrial 6,820 6,820 6,810 6,470 6,286 6,793
Ethanol for fuel 5,350 5,375 5,375 5,033 4,857 5,378
Ethanol % of Production 36.9% 37.2% 35.6% 35.7% 35.7% 37.5%
Domestic, total 12,170 12,170 12,415 12,068 12,186 12,222
Exports 2,400 2,400 2,450 2,753 1,777 2,066
Use total 14,570 14,570 14,865 14,821 13,963 14,288
 
Ending stocks 1,470 1,400 1,510 1,235 1,919 2,221
Ending stocks to use ratio 10.1% 9.6% 10.2% 8.3% 13.7% 15.5%
Average farm price/bushel $6.65 $6.75 $5.95 $4.53 $3.56 $3.61

 

SOYBEANS Jul. Proj. June Proj. Est      
U.S. Supply and Demand 2022/23 2022/23 2021/22 2020/21 2019/20 2018/19
Planted (Million acres) 88.3 91.0 87.2 83.4 76.1 89.2
Harvested (Million acres) 87.5 90.1 86.3 82.6 74.9 87.6
Bushel yield/harvested acre 51.5 51.5 51.4 51 47.4 50.6
SUPPLY (MILLION BUSHELS)
Beginning stocks 215 205 257 525 909 438
Production 4.505 4,640 4,435 4,216 3,552 4,428
Imports 15 15 15 20 15 14
Supply, total 4,735 4,860 4,707 4,761 4,476 4,880
DEMAND (MILLION BUSHELS)
Crushings 2,245 2,255 2,205 2,141 2,165 2,092
Exports 2,135 2,200 2,170 2,261 1,682 1,752
Seed 102 102 103 101 96 88
Residual 23 23 15 1 9 39
Use total 4,505 4,580 4,492 4,504 3,952 3,971
 
Ending stocks 230 280 215 257 525 909
Ending stocks to use ratio 5.1% 6.1% 4.8% 5.7% 13.3% 22.9%
Average farm price/bushel $14.40 $14.70 $13.35 $10.80 $8.57 $8.48


Corn and soybean crop marketing year begins September 1 and ends on August 31

 

WHEAT July Proj. June Proj. Est.      
U.S. Supply and Demand 2022/23 2022/23 2021/22 2020/21 2019/20 2018/19
Planted (Million acres) 47.1 47.4 46.7 44.5 45.5 47.8
Harvested (Million acres) 37.6 37.1 37.2 36.8 37.4 39.6
Bushel yield/harvested acre 47.3 46.9 44.3 49.7 51.7 47.6
SUPPLY (MILLION BUSHELS)
Beginning stocks 660 655 845 1,028 1,080 1,099
Production 1,781 1,737 1,646 1,828 1,932 1,885
Imports 110 120 95 100 105 135
Supply, total 2,551 2,512 2,586 2,957 3,117 3,119
DEMAND (MILLION BUSHELS)
Food 964 964 962 961 962 955
Seed 68 66 64 64 60 59
Feed & Residual 80 80 100 95 102 88
Domestic, total 1,112 1,110 1,126 1,120 1,123 1,102
Exports 800 775 805 992 965 937
Use total 1,912 1,885 1,931 2,111 2,089 2,039
 
Ending stocks 639 627 655 845 1,028 1,080
Ending stocks to use ratio 33.4% 33.3% 33.9% 40.0% 49.2% 53.0%
Average farm price/bushel $10.50 $10.75 $7.70 $5.05 $4.58 $5.16

Wheat crop marketing year begins June 1 and ends on May 31

June 2022 Grain Market Report

Information summarized from the USDA WASDE report

Corn

This month’s 2022/23 U.S. corn outlook is for larger beginning stocks, slightly higher use, and increased ending stocks. Corn area and yield forecasts are unchanged. USDA will release its Acreage Report on June 30, which will provide survey based indications of planted and harvested area. Beginning stocks are up 45 million bushels mostly reflecting a forecast decline in exports for 2021/22. Exports are lowered 50 million bushels, based on reported U.S. Census Bureau shipments through the month of April and export inspection data for the month of May. Food, seed, and industrial use (FSI) is raised 5 million bushels as projected increases in the amount of corn used for glucose and dextrose and starch is partially offset by a decline in high fructose corn syrup. These FSI use changes are carried through for 2022/23. With no other 2022/23 use changes, ending stocks are raised 40 million bushels. The season-average farm price received by producers is unchanged at $6.75 per bushel.

Soybeans

This month’s projections for 2022/23 include lower beginning and ending stocks and higher prices. Lower beginning stocks reflects increased exports for 2021/22. Soybean exports for 2021/22 are raised 30 million bushels to 2.17 billion reflecting strong export sales and a reduced export forecast for Brazil. With reduced supplies for 2022/23 and no use changes, soybean ending stocks are projected at 280 million bushels, down 30 million. The soybean price is forecast at $14.70 per bushel, up 30 cents from last month.

Wheat

The outlook for 2022/23 U.S. wheat this month is for increased supplies, unchanged domestic use and exports, and higher stocks. Supplies are raised on higher production with all wheat production projected at 1,737 million bushels, up 8 million from last month. NASS raised winter wheat production to 1,182 million bushels as increases for Soft Red Winter and White Winter more than offset a reduction for Hard Red Winter. The all wheat yield is 46.9 bushels per acre, up 0.3 bushels from last month. Projected 2022/23 ending stocks are raised 8 million bushels to 627 million, still down 4 percent from 2021/22. The projected 2022/23 season-average farm price is unchanged at $10.75 per bushel, compared to $7.70 for 2021/22.

 

CORN Jun. Proj. May. Proj. Est.      
U.S. Supply and Demand 2022/23 2022/23 2021/22 2020/21 2019/20 2018/19
Planted (Million acres) 89.5 89.5 93.4 90.7 89.7 88.9
Harvested (Million acres) 81.7 81.7 85.4 82.3 81.3 81.3
Bushel yield/harvested acre 177 177 177 171.4 167.5 176.4
SUPPLY (MILLION BUSHELS)
Beginning stocks 1,485 1,440 1,235 1,919 2,221 2,140
Production 14,460 14,460 15,115 14,111 13,620 14,340
Imports 25 25 25 24 42 28
Supply, total 15,970 15,925 16,375 16,055 15,883 16,509
DEMAND (MILLION BUSHELS)
Feed and residual 5,350 5,350 5,625 5,598 5,900 5,429
Feed % of Production 37.0% 37.0% 37.2% 39.7% 43.3% 37.9%
Food, seed & industrial 6,820 6,815 6,810 6,470 6,286 6,793
Ethanol for fuel 5,375 5,375 5,375 5,033 4,857 5,378
Ethanol % of Production 37.2% 37.2% 35.6% 35.7% 35.7% 37.5%
Domestic, total 12,170 12,165 12,435 12,068 12,186 12,222
Exports 2,400 2,400 2,500 2,753 1,777 2,066
Use total 14,570 14,565 14,935 14,821 13,963 14,288
 
Ending stocks 1,400 1,360 1,440 1,235 1,919 2,221
Ending stocks to use ratio 9.6% 9.3% 9.6% 8.3% 13.7% 15.5%
Average farm price/bushel $6.75 $6.75 $5.90 $4.53 $3.56 $3.61

 

SOYBEANS June Proj. May Proj. Est      
U.S. Supply and Demand 2022/23 2021/23 2021/22 2020/21 2019/20 2018/19
Planted (Million acres) 91.0 91.0 87.2 83.4 76.1 89.2
Harvested (Million acres) 90.1 90.1 86.3 82.6 74.9 87.6
Bushel yield/harvested acre 51.5 51.5 51.4 51 47.4 50.6
SUPPLY (MILLION BUSHELS)
Beginning stocks 205 235 257 525 909 438
Production 4,640 4,640 4,435 4,216 3,552 4,428
Imports 15 15 15 20 15 14
Supply, total 4,860 4,890 4,707 4,761 4,476 4,880
DEMAND (MILLION BUSHELS)
Crushings 2,255 2,255 2,215 2,141 2,165 2,092
Exports 2,200 2,200 2,140 2,261 1,682 1,752
Seed 102 102 106 101 96 88
Residual 23 23 12 1 9 39
Use total 4,580 4,580 4,472 4,504 3,952 3,971
 
Ending stocks 280 310 235 257 525 909
Ending stocks to use ratio 6.1% 6.8% 5.3% 5.7% 13.3% 22.9%
Average farm price/bushel $14.70 $14.40 $13.25 $10.80 $8.57 $8.48


Corn and soybean crop marketing year begins September 1 and ends on August 31

 

WHEAT June Proj. May Proj. Est.      
U.S. Supply and Demand 2022/23 2021/23 2021/22 2020/21 2019/20 2018/19
Planted (Million acres) 47.4 47.4 46.7 44.5 45.5 47.8
Harvested (Million acres) 37.1 37.1 37.2 36.8 37.4 39.6
Bushel yield/harvested acre 46.9 46.6 44.3 49.7 51.7 47.6
SUPPLY (MILLION BUSHELS)
Beginning stocks 655 655 845 1,028 1,080 1,099
Production 1,737 1,729 1,646 1,828 1,932 1,885
Imports 120 120 95 100 105 135
Supply, total 2,512 2,504 2,586 2,957 3,117 3,119
DEMAND (MILLION BUSHELS)
Food 964 964 962 961 962 955
Seed 66 66 64 64 60 59
Feed & Residual 80 80 100 95 102 88
Domestic, total 1,110 1,110 1,126 1,120 1,123 1,102
Exports 775 775 805 992 965 937
Use total 1,885 1,885 1,931 2,111 2,089 2,039
 
Ending stocks 627 619 655 845 1,028 1,080
Ending stocks to use ratio 33.3% 32.8% 33.9% 40.0% 49.2% 53.0%
Average farm price/bushel $10.75 $10.75 $7.70 $5.05 $4.58 $5.16

Wheat crop marketing year begins June 1 and ends on May 31

May 2022 Grain Market Report

Information summarized from the USDA WASDE report

Corn

The 2022/23 U.S. corn outlook is for lower production, domestic use, exports, ending stocks, and higher prices. The corn crop is projected at 14.5 billion bushels, down 4.3 percent from last year. The corn yield is projected at 177.0 bushels per acre, 4.0 bushels below the weather adjusted trend presented at USDA’s Agricultural Outlook Forum in February. The very slow start to this year’s planting in the major corn producing States and the likelihood that progress by mid-May will remain well behind normal reduce yield prospects. Despite beginning stocks that are up relative to a year ago, total corn supplies are forecast to decline 2.7 percent to 15.9 billion bushels. Total U.S. corn use in 2022/23 is forecast to fall 2.5 percent on declines in domestic use and exports. Food, seed, and industrial (FSI) use is virtually unchanged at 6.8 billion bushels. Corn used for ethanol is unchanged relative to a year ago on expectations of flat U.S. motor gasoline consumption. Corn feed and residual use is down 4.9 percent relative to a year ago, reflecting a smaller crop, higher expected season-average farm prices received by producers, and a decline in grain consuming animal units. U.S. corn exports are forecast to decline 4.0 percent in 2022/23 as lower supplies and robust domestic demand limit prospects. Even with record exports projected for Argentina and Brazil, a 550-million-bushel drop in exports for Ukraine due to the ongoing conflict is the primary catalyst for a decline in world trade. With expectations of robust global demand in the face of high prices, the U.S. share of global corn trade is up slightly relative to a year ago. With total U.S. corn supply falling more than use, 2022/23 U.S. ending stocks are down 80 million bushels from last year. Stocks relative to use at 9.3 percent would be below a year ago and lower than the 14.4 percent average seen during 2015/16 to 2019/20. The season-average corn price received by producers is projected at $6.75 per bushel, up 85 cents from a year ago and if realized the highest since $6.89 reached during 2012/13.

Soybeans

The 2022/23 outlook for U.S. soybeans is for higher supplies, crush, exports, and ending stocks compared with 2021/22. The soybean crop is projected at 4.64 billion bushels, up 5 percent from last year’s crop mainly on higher harvested area. With slightly lower beginning stocks, soybean supplies are projected at 4.89 billion bushels, up 4 percent from 2021/22. The U.S. soybean crush for 2022/23 is projected at 2.26 billion bushels, up 40 million from the 2021/22 forecast. Domestic soybean meal disappearance is forecast to increase 2 percent from 2021/22 with low soybean meal prices relative to corn. U.S. soybean meal exports are forecast at 14.4 million short tons, leaving the U.S share of global trade near the prior 5-year average. With increased supplies, U.S. soybean exports are forecast at 2.2 billion bushels, up 60 million from the revised 2021/22 projection. Despite reduced soybean supplies available for export from South America for the first half of the 2022/23 marketing year, an anticipated record harvest and sharply higher exports beginning in early 2023 is expected to leave the U.S. with a lower share of global trade in 2022/23. U.S. ending stocks for 2022/23 are projected at 310 million bushels, up 75 million from the revised 2021/22 forecast. The 2022/23 U.S. season-average soybean price is forecast at $14.40 per bushel compared with $13.25 per bushel in 2021/22. Soybean meal prices are forecast down $20 per short ton from 2021/22 to $400 per short ton and soybean oil prices are forecast down 5 cents to average 70 cents per pound, as oilseed and product supplies rebound in foreign markets.

Wheat

The outlook for 2022/23 U.S. wheat is for reduced supplies, exports, domestic use stocks, and higher prices. U.S. 2022/23 wheat supplies are projected down 3 percent, as lower beginning stocks more than offset a larger harvest. All wheat production for 2022/23 is projected at 1,729 million bushels, up 83 million from last year, as higher yields more than offset a slight decrease in harvested area. The all wheat yield, projected at 46.6 bushels per acre, is up 2.3 bushels from last year. The first survey-based forecast for 2022/23 winter wheat production is down 8 percent from last year as lower Hard Red Winter and Soft Red Winter production more than offset an increase in White Wheat production. Abandonment for Winter Wheat is the highest since 2002 with the highest levels in Texas and Oklahoma. Spring Wheat production for 2022/23 is projected to rebound significantly from last year’s drought-reduced Hard Red Spring and Durum crops primarily on return-to-trend yields. Total 2022/23 domestic use is projected down 1 percent on lower feed and residual use more than offsetting higher food use. Exports are projected at 775 million bushels, down from revised 2021/22 exports and would be the lowest since 1971/72. Projected 2022/23 ending stocks are 6 percent lower than last year at 619 million bushels, the lowest level in nine years. The projected 2022/23 season-average farm price (SAFP) is a record $10.75 per bushel, up $3.05 from last year’s revised SAFP. Wheat cash and futures prices are expected to remain sharply elevated through the first part of the marketing year when the largest proportion of U.S. wheat is marketed.

 

CORN May. Proj. Est.      
U.S. Supply and Demand 2022/23 2021/22 2020/21 2019/20 2018/19
Planted (Million acres) 89.5 93.4 90.7 89.7 88.9
Harvested (Million acres) 81.7 85.4 82.3 81.3 81.3
Bushel yield/harvested acre 177 177 171.4 167.5 176.4
SUPPLY (MILLION BUSHELS)
Beginning stocks 1,440 1,235 1,919 2,221 2,140
Production 14,460 15,115 14,111 13,620 14,340
Imports 25 25 24 42 28
Supply, total 15,925 16,375 16,055 15,883 16,509
DEMAND (MILLION BUSHELS)
Feed and residual 5,350 5,625 5,598 5,900 5,429
Feed % of Production 37.0% 37.2% 39.7% 43.3% 37.9%
Food, seed & industrial 6,815 6,810 6,470 6,286 6,793
Ethanol for fuel 5,375 5,375 5,033 4,857 5,378
Ethanol % of Production 37.2% 35.6% 35.7% 35.7% 37.5%
Domestic, total 12,165 12,435 12,068 12,186 12,222
Exports 2,400 2,500 2,753 1,777 2,066
Use total 14,565 14,935 14,821 13,963 14,288
 
Ending stocks 1,360 1,440 1,235 1,919 2,221
Ending stocks to use ratio 9.3% 9.6% 8.3% 13.7% 15.5%
Average farm price/bushel $6.75 $5.90 $4.53 $3.56 $3.61

 

SOYBEANS May Proj. Est      
U.S. Supply and Demand 2021/23 2021/22 2020/21 2019/20 2018/19
Planted (Million acres) 91.0 87.2 83.4 76.1 89.2
Harvested (Million acres) 90.1 86.3 82.6 74.9 87.6
Bushel yield/harvested acre 51.5 51.4 51 47.4 50.6
SUPPLY (MILLION BUSHELS)
Beginning stocks 235 257 525 909 438
Production 4,640 4,435 4,216 3,552 4,428
Imports 15 15 20 15 14
Supply, total 4,890 4,707 4,761 4,476 4,880
DEMAND (MILLION BUSHELS)
Crushings 2,255 2,215 2,141 2,165 2,092
Exports 2,200 2,140 2,261 1,682 1,752
Seed 102 106 101 96 88
Residual 23 12 1 9 39
Use total 4,580 4,472 4,504 3,952 3,971
 
Ending stocks 310 235 257 525 909
Ending stocks to use ratio 6.8% 5.3% 5.7% 13.3% 22.9%
Average farm price/bushel $14.40 $13.25 $10.80 $8.57 $8.48


Corn and soybean crop marketing year begins September 1 and ends on August 31

 

WHEAT May Proj. Est.      
U.S. Supply and Demand 2021/23 2021/22 2020/21 2019/20 2018/19
Planted (Million acres) 47.4 46.7 44.5 45.5 47.8
Harvested (Million acres) 37.1 37.2 36.8 37.4 39.6
Bushel yield/harvested acre 46.6 44.3 49.7 51.7 47.6
SUPPLY (MILLION BUSHELS)
Beginning stocks 655 845 1,028 1,080 1,099
Production 1,729 1,646 1,828 1,932 1,885
Imports 120 95 100 105 135
Supply, total 2,504 2,586 2,957 3,117 3,119
DEMAND (MILLION BUSHELS)
Food 964 962 961 962 955
Seed 66 64 64 60 59
Feed & Residual 80 100 95 102 88
Domestic, total 1,110 1,126 1,120 1,123 1,102
Exports 775 805 992 965 937
Use total 1,885 1,931 2,111 2,089 2,039
 
Ending stocks 619 655 845 1,028 1,080
Ending stocks to use ratio 32.8% 33.9% 40.0% 49.2% 53.0%
Average farm price/bushel $10.75 $7.70 $5.05 $4.58 $5.16

Wheat crop marketing year begins June 1 and ends on May 31

April 2022 Grain Market Report

Information from USDA WASDE report

Corn

There were no changes on the corn supply side from the March 9 WASDE estimates. On the demand side, there were minor changes but total use and Ending stocks remained the same.  Ending stocks are estimated to be 1,440 million bushel, with a stocks-to-use ratio of 9.6%. December 2022 Corn futures remain in a bullish volatile market with prices increasing  from $6.37 on March 9 to a high of $7.18 on April 8 as extraordinary world events drive market prices up. A lower than expected prospective plantings report on March 31 pegged planting at 89.5 million contributed to higher prices for the 2022 crop year.

Soybeans

There were no changes on the soybean supply side from the March 9 WASDE estimates. On the demand side, export estimates were increased by 25 million bushel, seed was increased by 4 million bushel and the residual estimate was decreased by 3 million bushel. This resulted in a lower estimate of ending stocks at 260 million bushel and a decrease in the stocks-to-use ratio from 6.4% to 5.8%. November 2022 futures prices have been volatile the past month  A higher than expected prospective plantings report on March 31 pegged planting at 91 million contributed to a price dip but has since recovered to a high of $14.98 on April 8.

Wheat

On the supply side, import estimates were decreased by 5 million bushel. On the demand side, Feed & Residual was decreased 10 million bushel. Export estimate was decrease by 25 million bushel.  These changes increased the ending stocks by 30 million bushel to 678 million bushel and the stocks to use ratio increased from 33.4% to 35.5%. On March 3 & 7, the market was limit up as trading was halted on those days. The market then went limit down on March 8, 9 , & 10. On March 9 &10 there was no trading. The market has declined since then from the $12.50 range to a high of $10.60 on April 8.

 

CORN April. Proj. Feb. Proj. Est.      
U.S. Supply and Demand 2021/22 2021/22 2020/21 2019/20 2018/19 2017/18
Planted (Million acres) 93.4 93.4 90.7 89.7 88.9 90.2
Harvested (Million acres) 85.4 85.4 82.3 81.3 81.3 82.7
Bushel yield/harvested acre 177 177 171.4 167.5 176.4 176.6
SUPPLY (MILLION BUSHELS)
Beginning stocks 1,235 1,235 1,919 2,221 2,140 2,293
Production 15,115 15,115 14,111 13,620 14,340 14,609
Imports 25 25 24 42 28 36
Supply, total 16,375 16,375 16,055 15,883 16,509 16,939
DEMAND (MILLION BUSHELS)
Feed and residual 5,650 5,650 5,602 5,900 5,429 5,304
Feed % of Production 37.2% 37.4% 39.7% 43.3% 37.9% 36.3%
Food, seed & industrial 6,810 6,785 6,466 6,286 6,793 7,056
Ethanol for fuel 5,375 5,350 5,028 4,857 5,378 5,605
Ethanol % of Production 35.6% 35.4% 35.6% 35.7% 37.5% 38.4%
Domestic, total 12,435 12,435 12,068 12,186 12,222 12,361
Exports 2,500 2,500 2,753 1,777 2,066 2,438
Use total 14,935 14,935 14,821 13,963 14,288 14,798
 
Ending stocks 1,440 1,440 1,235 1,919 2,221 2,140
Ending stocks to use ratio 9.6% 9.6% 8.3% 13.7% 15.5% 14.5%
Average farm price/bushel $5.80 $5.65 $4.53 $3.56 $3.61 $3.36

 

SOYBEANS April Proj. Mar. Proj. Est.      
U.S. Supply and Demand 2021/22 2021/22 2020/21 2019/20 2018/19 2017/18
Planted (Million acres) 87.2 87.2 83.4 76.1 89.2 90.2
Harvested (Million acres) 86.3 86.3 82.6 74.9 87.6 89.5
Bushel yield/harvested acre 51.4 51.4 51 47.4 50.6 49.3
SUPPLY (MILLION BUSHELS)
Beginning stocks 257 257 525 909 438 302
Production 4,435 4,435 4,216 3,552 4,428 4,412
Imports 15 15 20 15 14 22
Supply, total 4,707 4,707 4,761 4,476 4,880 4,735
DEMAND (MILLION BUSHELS)
Crushings 2,215 2,215 2,141 2,165 2,092 2,055
Exports 2,115 2,090 2,265 1,682 1,752 2,134
Seed 106 102 101 96 88 104
Residual 12 15 (4) 9 39 5
Use total 4,447 4,422 4,504 3,952 3,971 4,297
 
Ending stocks 260 285 257 525 909 438
Ending stocks to use ratio 5.8% 6.4% 5.7% 13.3% 22.9% 10.2%
Average farm price/bushel $13.25 $13.25 $10.80 $8.57 $8.48 $9.33


Corn and soybean crop marketing year begins September 1 and ends on August 31

 

WHEAT April Proj. Mar. Proj. Est.      
U.S. Supply and Demand 2021/22 2021/22 2020/21 2019/20 2018/19 2017/18
Planted (Million acres) 46.7 46.7 44.5 45.5 47.8 46.1
Harvested (Million acres) 37.2 37.2 36.8 37.4 39.6 37.6
Bushel yield/harvested acre 44.3 44.3 49.7 51.7 47.6 46.4
SUPPLY (MILLION BUSHELS)
Beginning stocks 845 845 1,028 1,080 1,099 1,181
Production 1,646 1,646 1,828 1,932 1,885 1,741
Imports 95 100 100 105 135 158
Supply, total 2,586 2,591 2,957 3,117 3,119 3,080
DEMAND (MILLION BUSHELS)
Food 959 959 961 962 955 964
Seed 64 64 64 60 59 63
Feed & Residual 110 110 95 102 88 47
Domestic, total 1,123 1,133 1,120 1,123 1,102 1,075
Exports 785 810 992 965 937 906
Use total 1,908 1,943 2,111 2,089 2,039 1,981
 
Ending stocks 678 648 845 1,028 1,080 1,099
Ending stocks to use ratio 35.5% 33.4% 40.0% 49.2% 53.0% 55.5%
Average farm price/bushel $7.60 $7.30 $5.05 $4.58 $5.16 $4.72

Wheat crop marketing year begins June 1 and ends on May 31

March 2022 Grain Market Report

Information from USDA WASDE report

Corn

There were no changes on the corn supply side from the February 9 WASDE estimates. On the demand side, ethanol estimates increased 25 million bushel and esports increased 75 million bushel for a total demand increase of 100 million bushel. Ending stocks are estimated to be 1,440 million bushel, decreasing the stocks-to-use ratio from 10.4% in February to 9.6% in March. March 2022 Corn futures increased from $6.47 on February 9 to peak at $8.00 on March 4 and settle back to $7.45 March 9 as extraordinary world events drive market prices up.

Soybeans

There were no changes on the soybean supply side from the February 9 WASDE estimates. On the demand side, export estimates were increased by 40 million bushel and the residual estimate was decreased by 1 million bushel. This resulted in a lower estimate of ending stocks at 285 million bushel and a decrease in the stocks-to-use ratio from 7.4% to 6.4%. March 2022 futures price increased dramatically from $15.95 on February 9 to peak at $17.65 on February 24 and settle back to $16.87 on February 9 as extraordinary world events drive market prices up.

Wheat

On the supply side, import estimates were decreased by 5 million bushel. On the demand side, export estimates were decreased 10 million bushel. These changes increased the ending stocks by 5 million bushel to 653 million bushel and the stocks to use ratio increased from 33.4% to 33.8%. However, extraordinary world events drove March futures from $7.85 on February 9 to peak at 14.25 on March 7. On March 3 & 7, the market was limit up as trading was halted on those days. The market then went limit down on March 8, 9 , & 10. On March 9 &10 there was no trading. The market went limit down at the opening. On March 11 the market closed at $10.90 after the wildest ride in history.

 

CORN Mar. Proj. Feb. Proj. Est.      
U.S. Supply and Demand 2021/22 2021/22 2020/21 2019/20 2018/19 2017/18
Planted (Million acres) 93.4 93.4 90.7 89.7 88.9 90.2
Harvested (Million acres) 85.4 85.4 82.3 81.3 81.3 82.7
Bushel yield/harvested acre 177 177 171.4 167.5 176.4 176.6
SUPPLY (MILLION BUSHELS)
Beginning stocks 1,235 1,235 1,919 2,221 2,140 2,293
Production 15,115 15,115 14,111 13,620 14,340 14,609
Imports 25 25 24 42 28 36
Supply, total 16,375 16,375 16,055 15,883 16,509 16,939
DEMAND (MILLION BUSHELS)
Feed and residual 5,650 5,650 5,602 5,900 5,429 5,304
Feed % of Production 37.4% 37.4% 39.7% 43.3% 37.9% 36.3%
Food, seed & industrial 6,785 6,760 6,466 6,286 6,793 7,056
Ethanol for fuel 5,350 5,325 5,028 4,857 5,378 5,605
Ethanol % of Production 35.4% 35.2% 35.6% 35.7% 37.5% 38.4%
Domestic, total 12,435 12,410 12,068 12,186 12,222 12,361
Exports 2,500 2,425 2,753 1,777 2,066 2,438
Use total 14,935 14,835 14,821 13,963 14,288 14,798
 
Ending stocks 1,440 1,540 1,235 1,919 2,221 2,140
Ending stocks to use ratio 9.6% 10.4% 8.3% 13.7% 15.5% 14.5%
Average farm price/bushel $5.65 $5.45 $4.53 $3.56 $3.61 $3.36

 

SOYBEANS Mar. Proj. Feb. Proj. Est.      
U.S. Supply and Demand 2021/22 2021/22 2020/21 2019/20 2018/19 2017/18
Planted (Million acres) 87.2 87.2 83.4 76.1 89.2 90.2
Harvested (Million acres) 86.3 86.3 82.6 74.9 87.6 89.5
Bushel yield/harvested acre 51.4 51.4 51 47.4 50.6 49.3
SUPPLY (MILLION BUSHELS)
Beginning stocks 257 257 525 909 438 302
Production 4,435 4,435 4,216 3,552 4,428 4,412
Imports 15 15 20 15 14 22
Supply, total 4,707 4,707 4,761 4,476 4,880 4,735
DEMAND (MILLION BUSHELS)
Crushings 2,215 2,215 2,141 2,165 2,092 2,055
Exports 2,090 2,050 2,265 1,682 1,752 2,134
Seed 102 102 101 96 88 104
Residual 15 16 (4) 9 39 5
Use total 4,422 4,382 4,504 3,952 3,971 4,297
 
Ending stocks 285 325 257 525 909 438
Ending stocks to use ratio 6.4% 7.4% 5.7% 13.3% 22.9% 10.2%
Average farm price/bushel $13.25 $13.00 $10.80 $8.57 $8.48 $9.33


Corn and soybean crop marketing year begins September 1 and ends on August 31

 

WHEAT Mar.Proj. Feb. Proj. Est.      
U.S. Supply and Demand 2021/22 2021/22 2020/21 2019/20 2018/19 2017/18
Planted (Million acres) 46.7 46.7 44.5 45.5 47.8 46.1
Harvested (Million acres) 37.2 37.2 36.8 37.4 39.6 37.6
Bushel yield/harvested acre 44.3 44.3 49.7 51.7 47.6 46.4
SUPPLY (MILLION BUSHELS)
Beginning stocks 845 845 1,028 1,080 1,099 1,181
Production 1,646 1,646 1,828 1,932 1,885 1,741
Imports 95 100 100 105 135 158
Supply, total 2,586 2,591 2,957 3,117 3,119 3,080
DEMAND (MILLION BUSHELS)
Food 959 959 961 962 955 964
Seed 64 64 64 60 59 63
Feed & Residual 110 110 95 102 88 47
Domestic, total 1,133 1,133 1,120 1,123 1,102 1,075
Exports 800 810 992 965 937 906
Use total 1,933 1,943 2,111 2,089 2,039 1,981
 
Ending stocks 653 648 845 1,028 1,080 1,099
Ending stocks to use ratio 33.8% 33.4% 40.0% 49.2% 53.0% 55.5%
Average farm price/bushel $7.50 $7.30 $5.05 $4.58 $5.16 $4.72

Wheat crop marketing year begins June 1 and ends on May 31

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Agronomy News is a statewide newsletter for farmers, consultants, researchers, and educators interested in grain and row crop forage production systems. This newsletter is published once a month during the growing season and will include topics pertinent to agronomic crop production. Subscribers will receive an email with the latest edition.

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