Last week, the U.S. Department of Agriculture (USDA) released their December World Agricultural Supply & Demand Estimates (WASDE) report, which shows most U.S. grain and oilseeds estimates were unchanged from the previous month. Citing slow sales and shipments through early December and competition from other exporters, the USDA lowered corn exports for the 2022/23 marketing year by 75 million bushels resulting in an equivalent increase in projected ending stocks with no other changes on the corn balance sheet.
According to Krista Swanson, the lead economist for the National Corn Growers Association (NCGA), the marketing year average farm price was also lowered by ten cents to $6.70 per bushel. And given the projected yield of 172.3 bushels per acre that means a $17.23 per acre decline in expected revenue from this year’s crop.
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