Earlier this week Pro Farmer subscribers received a special grain outlook report, here are the highlights:
Corn
The 2022-23 supply outlook has contracted and is forecast to be the tightest since 2013-14.
We forecast ending stocks at just 1.125 billion bu., with stocks-to-use at 8.0% for 2022-23.
We expect price strength to continue into 2023, despite an anticipated increase in planted acreage.
Longer-term, we expect ending stocks to build back to comfortable levels in 2023-24 if yields return to trendline levels.
Get more details and expert market analysis for corn, soybeans, wheat, cotton, cattle & hogs with your subscription to Pro Farmer.View subscription options.
Total supplies for 2022-23 tightened as hot, dry summer conditions cut the yield from trendline levels.
Despite lower use forecast for 2022-23, we project ending stocks will tighten.
We project 2022-23 stocks-to-use at a tight 4.2%, which underpins the price outlook through the end of the marketing year.
We anticipate soybean plantings will increase to around 89.5 million acres next year due to lower cost of production compared with corn.
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Wheat
Uncertainties surrounding the Ukraine grain export deal persist, creating a volatile price environment for wheat.
We project U.S. ending stocks at the lowest level since 2007-08 at under 600 million bushels.
There’s potential for a big jump in 2023 U.S. wheat acreage, which we forecast will rise more than 4 million acres.
Drought in the Plains is a threat to the U.S. HRW crop and dryness has spread into SRW areas.
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