USDA seeing higher ending stocks for corn and soybeans in February WASDE

HOUSTON (ICIS)–The US Department of Agriculture (USDA) is seeing higher ending stocks for both corn and soybeans according to the February World Agricultural Supply and Demand Estimate (WASDE) report.

The agency said this month’s 2022-2023 US corn outlook is for there to be lower corn utilised for ethanol and overall larger ending stockpiles of the crop.

Corn used for ethanol is being reduced 25m bushels, based on data through December from the Grain Crushings and Co-Products Production report and weekly ethanol production data as reported by the Energy Information Administration for the month of January.

The USDA said that with no other use changes, corn ending stocks are up 25m bushels from last month.

The season-average corn price received by producers is unchanged at $6.70/bushel.

For soybeans, the WASDE is showing lower soybean crush and higher ending stocks as well.

Soybean crush is being forecasted at 2.23bn bushels, which is down 15m bushels from last month based on lower domestic soybean meal disappearance and a higher soybean meal extraction rate.

The USDA said that with soybean exports unchanged, ending stocks are forecasted at 225m bushels, up by 15m bushels.

The season-average soybean price is forecast at $14.30/bushel, up 10 cents from last month.

The next WASDE report will be released on 8 March.