USDA calls for higher corn exports, lower ending stocks in final 2023 WASDE
HOUSTON (ICIS)–The US Department of Agriculture (USDA) is forecasting higher corn exports and lower ending stocks but otherwise had minimal changes within the December World Agricultural Supply and Demand Estimate (WASDE) report.
This current corn outlook is projecting there to be higher exports and lower ending stocks with exports raised by 25m bushels to 2.1bn bushels reflecting the pace of sales and shipments.
With no other use changes, corn ending stocks are now being reduced by 25m bushels to stand at 2.1bn bushels.
The USDA said the season-average corn price received by producers was also left unchanged at $4.85/bushel.
Looking at soybeans, the monthly updated showed that total US oilseed production for 2023-2024 is forecast at 121.5m tons, which is down slightly due to a reduction for cottonseed.
Soybean supply and use projections have been left unchanged from the November WASDE.
The agency said the season-average soybean price remains at $12.90/bushel.
The first WASDE report of 2024 will be released on 12 January.
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