WASDE Report Analysis

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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

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