Approved by the World Agricultural Outlook Board
COARSE GRAINS
WASHINGTON – June 10, 2022
This month’s 2022/23 U.S. corn outlook is for larger beginning stocks, slightly higher use, and increased ending stocks.
Corn area and yield forecasts are unchanged.
USDA will release its Acreage report on June 30, which will provide surveybased indications of planted and harvested area.
Beginning stocks are up 45 million bushels mostly reflecting a forecast decline in exports for 2021/22.
Exports are lowered 50 million bushels, based on reported U.S. Census Bureau shipments through the month of April and
export inspection data for the month of May.
Food, seed, and industrial use (FSI) is raised 5 million bushels as projected increases in the amount of corn used for glucose and dextrose and starch is partially offset by a decline in high fructose corn syrup.
These FSI use changes are carried through for 2022/23.
With no other 2022/23 use changes, ending stocks are raised 40 million bushels.
The season-average farm price received by producers is unchanged at $6.75 per bushel.
Global coarse grain production for 2022/23 is forecast 3.3 million tons higher to 1,479.2 million.
This month’s foreign coarse grain outlook is for larger production, lower trade, and higher ending stocks relative to last month.
Corn production is raised for Ukraine, reflecting higher area based on data reported by the government.
Barley production is lowered for the EU, mostly on forecast declines for Spain and France that are partially offset by an increase for Germany.
Barley production for Australia and Ukraine is reduced based on declines in area.
Major global trade changes for 2022/23 include larger corn imports for the EU, but reductions for Morocco, Jordan, and Peru.
Barley exports are lowered for Australia, the EU, and Ukraine.
Foreign corn ending stocks are raised relative to last month, mostly on increases for Ukraine and Russia. Global corn ending stocks, at 310.5 million tons, are up 5.3 million from last month.
