USDA revises 2022 corn and soybean production lower

The completed fall corn harvest was revised down by 200 million bushels on today’s report to 13.730. That was under the 13.933 trade estimate (ALDL 13.933). Over the prior 20 year period there were only four other years with a larger decline. The quarterly Grain Stocks report showed only 10.809 billion of old crop as of December 1. That was under the 11.153 trade estimate (ALDL 10.752). To make this work it would imply Sep – Nov feed/residual at 2.334 billion. That would be -9% from last year, 219 million bushels.

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