Content provided for the Corn Economy by NCGA's Lead Economist, Krista Swanson.
Jan 13, 2023USDA Lowers Expected Corn Ending Stocks for 2022/23
Key Issues: ProductionResearch
Author: Krista Swanson
The United States Department of Agriculture released the January World Agricultural Supply & Demand Estimates (WASDE) report yesterday. The expected reductions in use were met with notable changes to U.S. production that resulted in lower-than-expected ending stocks for the 2022/23 marketing year. As compared to the December WASDE report, a 200 million bushel drop in total production was spurred by a 1.6 million acre cut in final 2022 harvested acres, more than offsetting a one bushel per acre increase in yield to 173.3 bushels per acre. The downward adjustment to 79.2 million harvested acres brings 2022 harvested acres to the lowest level since 2008. This translates to 89.4% of planted corn acres harvested in 2022, the lowest share of planted acres harvested since 2002. The decline in harvested acres from the December report was highly concentrated in four states, with Kansas (-710,000 acres) and Nebraska (-480,000 acres) accounting for nearly three-quarters of the total...Read More