Corn: 1.267 billion bu. for 2022-23; up from 1.242 billion bu. in January

Beans: 225 million bu. for 2022-23; up from 210 million bu. in January

Wheat: 568 million bu. for 2022-23; up from 567 million bu. in January

Cotton: 4.3 million bales for 2022-23; up from 4.2 million bales in January

USDA raised its 2022-23 corn ending stocks forecast 25 million bu. from last month, which was in line with the average pre-report estimate. USDA cut food, seed and industrial use 25 million bu., with all of the decline being in corn-for-ethanol consumption (now projected at 5.25 billion bu.). USDA left its corn export forecast unchanged at 1.925 billion bushels. USDA kept its national average on-farm cash price forecast at $6.70, up 70 cents from 2021-22.

USDA raised its soybean ending stocks forecast 15 million bu. from last month, whereas traders expected a 1-million-bu. increase. The only change was a 15-million-bu. reduction to crush that is now projected at 2.230 billion bu., which would still be a record. USDA left the soybean export forecast at 1.99 billion bushels. Despite the bigger carryover forecast, USDA raised its 2022-23 national average on-farm cash price projection by a dime from last month to $14.30, which would be up $1.00 from last year.

USDA raised its wheat ending stocks forecast 1 million bu. from last month, which was a little less than traders expected. USDA cut food use 2 million bu. and increased projected seed use 1 million bushels. USDA lowered its 2022-23 national average on-farm cash price projection by a dime from last month to $9.00, though that would still be up $1.37 from last year.

USDA raised its cotton ending stocks projection 100,000 bales from last month, whereas traders expected about that much of a decline. The only change USDA made was a 100,000-bale cut to projected domestic use. The export forecast remained at 12 million bales. USDA kept its 2022-23 average cash price forecast at 83.0 cents, which would be down 8.4 cents from last year.

View global carryover & production highlights here.