Key portions of USDA Ag Forum text on 22/23 US S/D:
Assumes normal weather spring/summer weather
Corn area decline moderated by highest crop insurance price in over a decade
22/23 US CN on-farm price down 45 cents/soy down 25 cents &wheat down 50 cents
Tightest US HRS stks/use since ‘13/14 boosts all wheat area 1.3 ma vs. LY (highest since ’16)
US wheat exports limited by high prices relative to other origins
181 BPA ’22 corn yield based on “weather-adjusted trend yield & normal growing conditionsâ€
22/23 ethanol use up 75 mb assumes growth in US gasoline consumption
Strong soy oil demand will continue on planned expansion in renewable diesel capacity
22/23 soy oil prices increase 2 cents to 68 cents while meal prices decline $35/ton to $375
O/N/D ‘22 US meal exports will be strong on shortfall in 2022 S American soy crop & crush
