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Grain Transportation Demand Lowered with USDA Projections

Domestic grain use and exports are predicted to decline with USDA's May WASDE

PEXELS
PEXELS

On May 12, USDA released its May World Agricultural Supply and Demand Estimates report, which contains the agency’s most recent projections β€” the first update since February β€” for the next marketing year (MY), 2022/23.

If realized, projected MY 2022/23 soybean production would be a record 4.64 billion bushels.

Even when combined with wheat production that is estimated to exceed MY 2021/22, total production of grain (corn, soybeans, and wheat) is projected to decrease 2% from MY 2021/22 to MY 2022/23.

Domestic use and exports are projected to slip for corn and wheat, but increase for soybeans.

Domestic use and exports of the three crops combined are predicted to decrease 2% and 1%, respectively, in MY 2022/23 from 2021/22.

Such declines would dampen the demand for grain transportation.

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