The US Department of Agriculture (USDA) raised estimates for US corn and wheat exports by 632,000t and 680,000t, respectively, for the 2023-24 marketing year.
The USDA in its monthly World Agricultural Supply and Demand Estimates (Wasde) report, increased its forecast for US corn exports to 53.34mn t from 52.71mn t in the prior report.
US corn export sales have steadily increased in the past month, mainly driven by Mexico. The USDA raised Mexico's corn import forecast by 800,000t, citing a smaller estimated corn crop due to drought in the neighboring country.
Wheat exports estimates from the US were also revised upwards, climbing to 19.73mn t from 19mn t in the prior estimate. Export estimates for soft red winter wheat (SRW) were increased by 816,000t to 4.76mn t for the 2023-24 year. China has been purchasing large amounts of US SRW, purchasing 1.12mn t in the latest week alone.
White wheat export estimates were revised down to 4.22mn t from the prior estimate of 4.35mn t.
The US soybean, soybean oil and soybean meal balance sheets were kept unchanged with the exception of biofuels. The USDA increased its forecast for biofuel demand for the 2022-23 harvest year by 91mn lb at the expense of food and feed demand.
| Wasde Corn | Wasde Wheat | Wasde Soybean | ||||||||
| 2023/24 Projections | 2023/24 Projections | 2023/24 Projections | ||||||||
| Corn | Dec est | Chg from Nov | Wheat | Dec est | Chg from Nov | Soybean | Dec est | Chg from Nov | ||
| Millions Acres | Millions Acres | Millions Acres | ||||||||
| Area Planted | 94.9 | 0.0 | Area Planted | 49.6 | 0.0 | Area Planted | 83.6 | 0.0 | ||
| Area Harvested | 87.1 | 0.0 | Area Harvested | 37.3 | 0.0 | Area Harvested | 82.8 | 0.0 | ||
| Bushels | Bushels | Bushels | ||||||||
| Yield per Harvested Acre | 174.9 | 0.0 | Yield per Harvested Acre | 48.6 | 0.0 | Yield per Harvested Acre | 49.9 | 0.0 | ||
| Millions Bushels | Millions Bushels | Millions Bushels | ||||||||
| Beginning Stocks | 1,361 | 0 | Beginning Stocks | 582 | 0 | Beginning Stocks | 268 | 0 | ||
| Production | 15,234 | 0 | Production | 1,812 | 0 | Production | 4,129 | 0 | ||
| Imports | 25 | 0 | Imports | 145 | 0 | Imports | 30 | 0 | ||
| Supply, Total | 16,621 | 0 | Supply, Total | 2,539 | 0 | Supply, Total | 4,428 | 0 | ||
| Feed and Residual | 5,650 | 0 | Food | 970 | 0 | Crushings | 2,300 | 0 | ||
| Food, Seed & Industrial | 6,740 | 0 | Seed | 65 | 0 | Exports | 1,755 | 0 | ||
| Ethanol & by-products | 5,325 | 0 | Feed and Residual | 120 | 0 | Seed | 101 | 0 | ||
| Domestic, Total | 12,390 | 0 | Domestic, Total | 1,155 | 0 | Residual | 26 | 0 | ||
| Exports | 2,100 | 25 | Exports | 725 | 25 | Use, Total | 4,182 | 0 | ||
| Use, Total | 14,490 | 25 | Use, Total | 1,880 | 25 | Ending Stocks | 245 | 0 | ||
| Ending Stocks | 2,131 | -25 | Ending Stocks | 659 | -25 | — USDA, Argus | ||||
| — USDA, Argus | — USDA, Argus | |||||||||
