USDA’s November WASDE ups U.S. corn and soy production, stocks beyond expectations

Today USDA released the latest World Agricultural Supply and Demand Estimates (WASDE) report. 

2023/2024 U.S. Crop Production

USDA is estimating 2023 corn yield to be 174.9 bushels per acre to produce 15.234 billion bushels. Last month’s estimates were for 173 bushels per acre and 15.064 billion bushels. The trade was expecting a corn yield of 173.4 bushels per acre and a total production number of 15.089 billion bushels.

Soybean yield is pegged at 49.9 bushels per acre to produce 4.129 billion bushels. Last month’s estimates were for 49.6 bushels per acre and 4.104 billion bushels. The trade was expecting a yield of 49.6 bushels per acre and a total production number of 4.108 billion bushels.

2023/2024 U.S. ending stocks

The WASDE report pegged the U.S. 2023/2024 corn ending stocks at 2.156 billion bushels vs. the trade’s estimate of 2.144 billion and last month’s estimate of 2.111 billion bushels.

For soybeans, the U.S. ending stocks were pegged at 245 million bushels vs. the trade’s expectation of 225 million bushels. Last month’s estimate was also 220 million bushels.

USDA pegged the U.S. wheat ending stocks at 684 million bushels, above the trade’s expectation for ending stocks to remain at last month’s estimate of 670 million bushels.

2023/2024 World ending stocks

USDA pegged world corn ending stocks for 2023/2024 at 315 million metric tons (mmt) vs. the trade’s expectation of 312.2 mmt. Last month USDA pegged ending stocks at 312.4 mmt.

For soybeans, world ending stocks are estimated at 114.5 mmt vs. the trade’s expectation of 115.3 mmt. Last month’s estimate was for 115.6 mmt.

For wheat, USDA pegged world ending stocks at 258.7 mmt. This is above the trade’s expectation of 257.8 mmt and last month’s estimate of 258.1.