The World Ag Supply and Demand Estimates Report predicted lower 2022-2023 U.S. corn supplies, reduced feed and residual use, slightly higher food, seed, and industrial use, smaller exports, and lower ending stocks. With supply falling more than usage, stocks dropped 82 million bushels to 1.4 billion. The season-average corn price is unchanged at $6.65 a bushel. U.S. soybean supplies are projected to be 4.8 billion bushels, 36 million higher than last month. Soybean exports are up by 20 million bushels to 2.16 billion on increased supplies. Ending stocks are forecast higher at 245 million bushels, and the season-average soybean price is down slightly to $14.35 a bushel. The wheat outlook shows higher supplies, higher domestic use and exports, and reduced stocks. The projected ending stocks dropped to 610 million bushels. Even though it dropped by $1.25, the season-average farm price is still projected at a record $9.25 a bushel.
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