MarketsFarm — The U.S. Department of Agriculture made a number of slight changes to its forecast on soybeans and corn for 2023-24, while keeping its domestic wheat numbers from August.
USDA on Tuesday issued its monthly world agricultural supply and demand estimates, adjusting its forecast on this year’s soybean yields at 50.1 bushels per acre, down from 50.9 in the August report. Area planted was nudged up from 83.5 million acres to 83.6 million and area harvested rose by the same amount, from 82.7 million to 82.8 million.
The country’s estimated soybean production slipped from 4.205 billion bushels in the August report to 4.146 billion. Total use was revised from 4.251 billion bushels to 4.206 billion, which tightened the carryover from 245 million bushels to 220 million.
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U.S. corn yields were cut to 173.8 bu./ac. from last month’s 175.1. Area planted bumped up from the 94.1 million acres in projected in August to 94.9 million, and the area harvested was adjusted from 86.3 million to 87.1 million.
Despite the reduction in yields, the added area inched up production from 15.111 billion bushels in August to a record 15.134 billion. Total use remained at 14.39 billion bushels, but ending stocks increased slightly from 2.202 billion to 2.221 billion.
As for total wheat, USDA maintained all of its August projections, with yields at 45.8 bu./ac., production at 1.734 billion bushels and the carryout at 615 million bushels.
The only changes in U.S. wheat came with a 10-million-bushel move between hard red winter and hard red spring. While production for each remained 585 million and 413 million bushels respectively, total use for the hard red winter slipped to 576 million while that for hard red spring rose to 488 million. In turn, their respective carryouts were adjusted to 256 million and 138 million bushels.
As for world wheat, USDA trimmed production from 793.37 million tonnes in its August estimates to 787.34 million. Ending stocks were revised from 265.61 million tonnes to 258.61 million.
Among the country-by-country changes, USDA trimmed Argentina’s wheat output from 17.50 million tonnes to now 16.50 million. The European Union was also down one million tonnes at 134.00 million. There was a two million-tonne cut for Canada, bringing its wheat to 31 million tonnes, and Australia lost three million tonnes at 26 million.
India remained at 113.5 million tonnes, as did China at 137 million, Russia at 85 million, Kazakhstan at 15 million, and Brazil at 10.3 million. Meanwhile, Ukraine gained 1.5 million tonnes at 22.5 million.
