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No Major Surprises in July WASDE Report

USDA is now forecasting larger U.S. wheat supplies for the 2022/23 crop

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PIXABAY.com
PIXABAY.com

The USDA released its July World Agricultural Supply and Demand Estimates (WASDE) report on Tuesday.

With no major surprises in USDA’s latest adjustments to balance sheets, commodity prices continued to see double-digit losses Tuesday, reported AgWeb.

USDA’s July report shows:

  • Higher U.S. corn supplies and ending stocks
  • No change to U.S. corn yield
  • Lower domestic soybean production
  • No change to U.S. soybean yields
  • Increase in U.S. wheat supplies due to higher yields and harvested area

WHEAT

  • The outlook for 2022/23 U.S. wheat this month is for larger supplies, domestic use,
    exports, and ending stocks.
  • The 2022/23 global wheat outlook is for fewer supplies, reduced consumption, higher exports,
    and increased stocks.

COARSE GRAINS

  • This month’s 2022/23 U.S. corn outlook is for larger supplies and higher
    ending stocks.
  • This month’s 2022/23 foreign coarse grain outlook is for lower production and use, and larger
    stocks relative to last month.
  • Major global trade changes for 2022/23 include larger corn exports for Paraguay with a reduction
    for Russia.

OILSEEDS

  • U.S. oilseed production for 2022/23 is projected at 132.7 million tons, down 3.9 million from last month with reductions for soybeans, canola, peanuts, and cottonseed partly offset by an increase for sunflower seed.
  • The U.S. season-average soybean price for 2022/23 is forecast at $14.40 per bushel, down
    $0.30 from last month.
  • The 2022/23 global oilseed supply and demand forecasts include lower production, lower
    exports, higher crush, and lower ending stocks compared to last month.

Read the full USDA July WASDE.

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