The February World Agricultural Supply and Demand Estimates show the 2023-2024 U.S. corn outlook calling for lower food, seed, and industrial use and larger ending stocks.
Lower usage will lead to a 10 million bushel increase in ending stocks compared to last month’s report. The season-average corn price received by producers is unchanged at $4.80 a bushel. This month’s soybean outlook is for lower exports and higher ending stocks. Soybean exports are forecast at 1.72 billion bushels, down 35 million from last month. With crush unchanged, ending stocks are forecast at 315 million bushels, up 35 million from last month.
The season-average soybean price is forecast a dime lower to $12.65 per bushel. The wheat outlook is for stable supplies, lower domestic use, unchanged exports, and higher ending stocks. Projected ending stocks are up 10 million bushels to 658 million. The season-average farm price forecast is unchanged at $7.20 a bushel.
-NAFB