The U.S. Department of Agriculture says home corn provides may be barely bigger than what the commerce thought, but there have been no major surprises in the January World Agricultural Supply/Demand Estimates (WASDE) revealed on Wednesday.
Corn ending shares rose by 47 million bushels from the USDA’s December report to 1.54 million bushels, close to the highest finish of the vary of pre-report estimates. The division left the common yield at 177 bu/ac, whereas boosting the harvested acreage by 300 thousand, ensuing in a rise to manufacturing of 53 million bushels.
While the corn export estimate was lowered by 75 million bushels, one brilliant spot for corn exports has been motion into Canada. The USDA is forecasting exports to Canada at 3.3 million tons, up 10 p.c from final month and the best since 2002-03. The quantity of U.S. corn moved into Western Canada in October and November quadrupled year-ago ranges, with giant exports anticipated to proceed because the U.S. Export Sales Report confirmed excellent gross sales of two.2 million tons to Canada as of the tip of December.
2.2 million tons in excellent gross sales of U.S. corn to Canada as of Dec 30, based on USDA. pic.twitter.com/WzBW9iHsI4
— Kelvin Heppner (@KelvinHeppner) January 12, 2022
As for soybeans, the USDA elevated its ending shares estimate by 10 million to 350 million bushels, in line with the common pre-report commerce estimate. The enhance was primarily due to a slight bump in the common yield, up 0.2 to 51.4 bu/ac.
The U.S. wheat ending inventory estimate was greater than anticipated, up 30 million to 628 million bushels. World wheat carryout was pegged at 279.95 million tonnes, up from 278.18 million in December and barely greater than the common commerce estimate.