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Home / WASDE Report Analysis

WASDE Report Analysis

Use our custom WASDE tool to analyze the most recent report.

THE VIEWS AND OPINIONS EXPRESSED IN THIS REPORT ARE SOLELY THOSE OF THE USDA. THESE VIEWS AND OPINIONS DO NOT NECESSARILY REPRESENT THOSE OF DANIELS TRADING, ITS STAFF OR ANY CONTRIBUTORS. THE ACCURACY AND VALIDITY OF THE VIEWS AND OPINIONS STATED IN THIS PIECE HAVE NOT BEEN VERIFIED.

WASDE - 626 - 12 | U.S. Corn Supply and Use 1/ (July 2022)
Metric 2020/21
2021/22 Est.
2022/23 Proj.
June
2022/23 Proj.
July
Change**
Note: Totals may not add due to rounding. 1/ Marketing year beginning September 1 for corn and sorghum; June 1 for barley and oats. 2/ For a breakout of FSI corn uses, see Feed Outlook table 5 or access the data on the Web through the Feed Grains Database at www.ers.usda.gov/data-products/feed-grains-database.aspx. 3/ Corn processed in ethanol plants to produce ethanol and by-products including distillers' grains, corn gluten feed, corn gluten meal, and corn oil. 4/ Marketing-year weighted average price received by farmers. * For June, planted acres reported in the March 31, 2022, "Prospective Plantings." Harvested acres projected based on historical abandonment and use for silage. For July, corn planted and harvested area as reported in the June 30, 2022, "Acreage." The yield projection is based on a weather-adjusted trend, estimated using the 1988-2021 time period, assuming normal summer growing season weather but lowered to reflect the slow pace of planting progress during May.
Million Acres
Area Planted 90.7 93.4 89.5 * 89.9 * 0.4
Area Harvested 82.3 85.4 81.7 * 81.9 * 0.2
Metric Tons
Yield per Harvested Acre 171.4 177.0 177.0 * 177.0 * 0
Million Metric Tons
Beginning Stocks 1,919 1,235 1,485 1,510 25
Production 14,111 15,115 14,460 14,505 45
Imports 24 25 25 25 0
Supply, Total 16,055 16,375 15,970 16,040 70
Feed and Residual 5,597 5,600 5,350 5,350 0
Food, Seed & Industrial 2/ 6,471 6,815 6,820 6,820 0
Ethanol & by-products 3/ 5,033 5,375 5,375 5,375 0
Domestic, Total 12,068 12,415 12,170 12,170 0
Exports 2,753 2,450 2,400 2,400 0
Use, Total 14,821 14,865 14,570 14,570 0
Ending Stocks 1,235 1,510 1,400 1,470 70
Stocks to Use *** 8.33 10.16 9.61 10.09 0.48
Avg. Farm Price ($/bu) 4/ 4.53 5.95 6.75 6.65 -0.1
WASDE - 626 - 15 | U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ (July 2022)
Metric 2020/21
2021/22 Est.
2022/23 Proj.
Jun
2022/23 Proj.
Jul
Change**
Note: Totals may not add due to rounding. Reliability calculations at end of report. 1/ Marketing year beginning September 1 for soybeans; October 1 for soybean oil and soybean meal. 2/ Prices: soybeans, marketing year weighted average price received by farmers; oil, simple average of crude soybean oil, Decatur; meal, simple average of 48 percent protein, Decatur. 3/ Reflects soybean oil used for biofuels as reported by the U.S. Energy Information Administration. 4/ Based on an October year crush of 2,205 million bushels for 2021/22 and 2,245 million bushels for 2022/23. *Planted acres are reported in the March 31, 2022 Prospective Plantings report. Harvested acres are based on historical planted-to-harvested ratios. **Planted and harvested acres are from the June 30, 2022 Acreage report. The projected yield is based on a weather-adjusted trend model.
Million Acres
Area Planted 83.4 87.2 91.0 * 88.3 ** -2.7
Area Harvested 82.6 86.3 90.1 * 87.5 ** -2.6
Bushels
Yield per Harvested Acre 51.0 51.4 51.5 * 51.5 ** 0
Million Bushels
Beginning Stocks 525 257 205 215 10
Production 4,216 4,435 4,640 4,505 -135
Imports 20 15 15 15 0
Supply, Total 4,761 4,707 4,860 4,735 -125
Crushings 2,141 2,205 2,255 2,245 -10
Exports 2,261 2,170 2,200 2,135 -65
Seed 101 103 102 102 0
Residual 1 15 23 23 0
Use, Total 4,504 4,492 4,580 4,505 -75
Ending Stocks 257 215 280 230 -50
Stocks to Use *** 5.71 4.79 6.11 5.11 -1.01
Avg. Farm Price ($/bu) 2/ 10.80 13.35 14.70 14.40 -0.3
WASDE - 626 - 11 | U.S. Wheat Supply and Use 1/ (July 2022)
Metric 2020/21
2021/22 Est.
2022/23 Proj.
Jun
2022/23 Proj.
Jul
Change**
Note: Totals may not add due to rounding. 1/ Marketing year beginning June 1. 2/ Marketing-year weighted average price received by farmers. 3/ Includes imports. * For June, planted acres reported in the March 31, 2022, "Prospective Plantings." Winter wheat harvested area and yield reported in the June 10, 2022, "Crop Production." Area harvested and yield for other spring wheat and Durum are projected using 10-year harvested-to-planted ratios by state and 1985-2021 yield trends by state (except for Arizona and California Durum). For July, area planted, area harvested, yield, and production as reported in July 12, 2022 "Crop Production."
Million Acres
Area Planted 44.5 46.7 47.4 * 47.1 -0.3
Area Harvested 36.8 37.2 37.1 * 37.6 0.5
Bushels
Yield per Harvested Acre 49.7 44.3 46.9 * 47.3 0.4
Million Bushels
Beginning Stocks 1,028 845 655 660 5
Production 1,828 1,646 1,737 1,781 44
Imports 100 95 120 110 -10
Supply, Total 2,957 2,586 2,512 2,551 39
Food 961 962 964 964 0
Seed 64 60 66 68 2
Feed and Residual 95 100 80 80 0
Domestic, Total 1,120 1,122 1,110 1,112 2
Exports 992 804 775 800 25
Use, Total 2,111 1,926 1,885 1,912 27
Ending Stocks 845 660 627 639 12
Stocks to Use *** 40.03 34.27 33.26 33.42 0.16
Avg. Farm Price ($/bu) 2/ 5.05 7.63 10.75 10.50 -0.3
World Ending Stocks ( 2021/22 Est. )
Crop USDA Jul USDA Jun Change**
Corn 312.28 310.92 1.36
Soybeans 88.73 86.15 2.58
Wheat 280.10 279.40 0.7
World Ending Stocks ( 2022/23 Proj. )
Crop USDA Jul USDA Jun Change**
Corn 312.94 310.45 2.49
Soybeans 99.61 100.46 -0.85
Wheat 267.52 266.85 0.67
South American Production ( 2022/23 Proj. )
Country Crop Production
Argentina Corn 237.80
Soybeans 212.50
Brazil Corn 55.00
Soybeans 51.00

All information is sourced from The United States Department of Agriculture’s USDA.gov website.

** The "Change" column is calculated by subtracting the previous month’s projections from the current month’s projections.

*** The "Stocks to Use" row is calculated by dividing "Ending Stocks" by "Use, Total".

Want help understanding the WASDE report numbers?

Get Daniels Trading’s “Futures Traders’ Guide to the WASDE”. This comprehensive guide will help you understand the USDA World Agriculture Supply & Demand Estimates For Corn, Soybeans and Wheat reports.

Futures Traders Guide to the WASDE

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The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.

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