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Monday, March 20, 2023

US slightly raises forecast for corn and soybean stocks

Powder Tom Polansek

ChicagoNovember 9 – US corn and soybean stocks will be higher than initially projected, amid rising yield estimates for both crops, the Department of Agriculture said on Wednesday.USDA) in your monthly report.

The larger-than-expected harvest provides a slight boost to US supplies at a time when global grain inventories have shrunk due to the effects of the war in Ukraine.

However, US corn stocks will remain at 10-year lows after dry weather affected production.

“Usually small crops continue to decline, but USDA It did the opposite and raised the yield outlook for corn and soybeans, said Don Roose, president of US Commodities Brokerage in Iowa.

According to the government’s Global Grain Supply and Demand Estimates Report, based on an average yield of 172.3 bushels per acre, US corn production will reach 13.93 billion bushels.

USDA It expects grain stocks in the United States to reach 1,182 million bushels in the 2022/23 cycle, down from the previous forecast of 1,172 million bushels.

The US soybean crop was estimated at 4.346 million bushels, with an average yield of 50.2 bushels per acre.

World Nation News Desk
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