Corn Inventories Expected to Rise, Soybean Outlook Unchanged | 2021-07-12

WASHINGTON- The U.S. Department of Agriculture, in its July Global Agricultural Supply and Demand Estimates Report released July 12, forecasts the carryover of corn on September 1, 2022 to 1,432 million busses, up from 75 million buses from the June outlook and up 350 million buses, or 32%, from 1,082 million buses as the projection for 2021.

In the corn supply and demand forecast for 2021-22, a 175 million bushel increase in expected corn production in 2021 reached a record 15,165 million bushels based on an increase of 1 million acres of estimated harvested acreage of 84.5 million acres as reported in the annual acreage report released June 30 and a trend yield of 179.5 bus per acre. The production forecast was up 983 million buses, or 7%, from the 2020 result of 14,182 million buses.

Total 2021-22 maize supply was forecast at 16,272 million busses, up 150 million busses from the June projection, as the higher production forecast was partly offset by a 25 million reduction. million bushels of the forecast carryover supply of 1,082 million buses.

Domestic disappearance in 2021-22 was projected at 12,340 million buses, up 25 million buses from June, with the food and residual use projection increased to 5,725 million buses, or l equivalent to the planned use for 2020-21.

Food, seed and industrial use of maize in 2021-22 was forecast at 6,615 million busses, unchanged from June but up 145 million busses from 2020-21. The food, seed and industrial use category included a forecast of 5,200 million buses for use in ethanol and by-product manufacturing, up from 5,050 million buses in 2020-21.

Maize exports in 2021-22 were projected at 2,500 million buses, up 50 million buses from the June outlook, but down 350 million buses from the record 2,850 million buses in 2020-21.

There were no adjustments from June to the 2021-2022 soybean supply and demand forecast. The forecast carryover of soybeans as of September 1, 2022 was 155 million, up 20 million buses from the current year forecast of 135 million buses.

The carryover supply forecast for 2021-22 remained at 135 million buses, and as there was no change in the harvested area and expected yields compared to the previous report, the production forecast fell. maintained at 4,405 million buses, up 270 million buses from 4,135 million buses. in 2020. It would be the third largest soybean harvest after a record 4,428 million busses in 2018 and 4,412 million busses in 2017.

Total soybean supply in 2021-22 was estimated at 4,575 million buses, down 105 million buses from 2020-21.

Soybean crushing in 2021-22 was forecast at 2,225 million busses, up 55 million busses from 2020-21.

Soybean seed usage in 2021-22 was forecast at 104 million buses compared to 102 million buses in 2020-21.

Soybean exports in 2021-22 were forecast at 2,075 million buses, compared to a record 2,270 million buses in 2020-21.

The total disappearance of soy in 2021-22 was forecast at 4,420 million buses, down 125 million buses from 4,545 million buses in 2020-21.