On May 12, USDA released its May World Agricultural Supply and Demand Estimates report, which contains the agency’s most recent projections — the first update since February — 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.
