Mound City Bank

from 2021 Fall Farm

Dupaco Credit Union

WASDE: Corn, Wheat Production Forecast Lower; Soybeans Higher Stocks

Augusts 2021/22 U.S. corn outlook is for lower supplies, reduced feed and residual use, increased food, seed, and industrial use, lower exports, and smaller ending stocks, according to the USDA World Agricultural Supply and Demand Estimates report for Aug. 12. Projected beginning stocks for 2021/22 are 35 million bushels higher based on a lower use forecast for 2020/21. Reduced exports are partially offset by greater corn used for ethanol, starch, and glucose and dextrose.

Corn production for 2021/22 is forecast at 14.8 billion bushels, down 415 million from the July projection. This months 2021/22 foreign coarse grain outlook is for lower production, slightly lower trade, and smaller stocks relative to last month. Foreign corn production is forecast higher relative to last month.

U.S. soybean supply and use changes for 2021/22 include higher beginning stocks and lower production, crush, and exports. Beginning soybean stocks are raised on lower 2020/21 crush and exports. Soybean production for 2021/22 is forecast at 4.34 billion bushels, down 66 million on lower yields. Harvested area is forecast at 86.7 million acres, unchanged from July. The 2021/22 global oilseed supply and demand forecasts include lower production, crush, exports, and slightly higher ending stocks compared to last month.

Foreign oilseed production is reduced 3.6 million tons to 501.4 million, reflecting lower canola production for Canada and sunflowerseed for Russia.

The outlook for 2021/22 U.S. wheat this month is for reduced supplies, lower domestic use, unchanged exports, and decreased ending stocks. The NASS Crop Production report forecast all wheat production at 1,697 million bushels, down 49 million from the previous forecast. Most of the reduction is in Hard Red Winter and Soft White Winter.

- USAgNet -

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