The outlook for the 2022/23 U.S. corn market is for relatively higher ending stocks—primarily due to higher stocks coming into the year, due to lower total use estimated for 2021/22. Projected U.S. corn production for 2022/23 is unchanged at 14,460 million bushels. Lower estimated corn exports for 2021/22 are partially offset by higher food, seed, and industrial use of corn for both 2021/22 and 2022/23. The season-average corn price for 2021/22 is estimated at $5.95 per bushel and is projected at $6.75 per bushel for 2022/23.
Increased coarse grain beginning stocks, higher projected output, and virtually unchanged projected coarse grain use (higher corn, but lower barley consumption) leave world ending stocks higher, especially for corn in the United States and Ukraine. Global corn trade in 2022/23 is projected essentially unchanged this month.
- Corn Production Projections Are Unchanged for 2022/23
- Total Supplies Are Projected Lower Than 2021/22 Estimates
The USDA’s outlook for U.S. corn market supplies is largely unchanged from the May World Agricultural Supply and Demand Estimates (WASDE) report. Corn production in 2022/23 is projected to total 14,460 million bushels, based on a projected 81.7 million harvested acres and national average yield of 177 bushels per acre. Imports are projected at 25 million bushels (unchanged from the May WASDE report) and beginning stocks are projected at 1,485 million bushels (a 45-million-bushel increase, based on updated use estimates for 2021/22). As a result, projected total supplies are 15,970 million bushels—down from the current 2021/22 estimates of 16,375 million bushels.