In its Grain Stocks report Friday, the USDA said it had reviewed 2021-22 crop year data and made some revisions to 2021 corn and soybean production estimates, which affected ending stocks data.
In the report, US corn production for 2021 was revised down 41.4 million bushels, and US soybean production was revised up 30.2 million bushels from the previous estimates.
CORN
Old crop corn stocks in all positions on Sep. 1, 2022, totaled 1.377 billion bushels, up 142.0 million, or 11.5%, from 1.235 billion on Sep. 1, 2021, the USDA said. Of the total stocks, 509.5 million bushels were stored on farms, up 114.6 million, or 29.0%, from 394.9 million a year earlier. Off-farm stocks, at 867.4 million bushels, were up 27.8 million, or 3.31%, from 839.6 million a year ago.
The June – August 2022 indicated disappearance was 2.969 billion bushels, compared with 2.88 billion during the same period last year, an increase of 89 million, or 0.03%, the report said.
Based on an analysis of end-of-marketing-year stock estimates, disappearance data for exports and farm program administrative data, the 2021 corn for grain production was revised downward by 41.4 million bushels from the previous estimate, the report said. Corn silage production was revised downward by 888,000 short tons.
Planted area in 2021 was revised to 93.252 million acres, and area harvested for grain was revised to 85.318 million acres, the USDA said. Area harvested for silage was revised to 6.445 million acres. The 2021 grain yield, at 176.7 bushels per acre, was down 0.3 bushel from the previous estimate.
The 2021 silage yield, at 20.1 short tons per acre, remained unchanged from the previous estimate.
SOYBEANS
Old-crop soybeans stored in all positions on Sep. 1, 2022, totaled 273.756 million bushels, up 16.777, or 6.53%, from 256.979 million on Sep. 1, 2021, the report said.
Soybean stocks stored on farms totaled 62.930 million bushels, down 5.170 million, or 7.59%, from 68.100 million a year ago, the USDA said. Off-farm stocks, at 210.826 million bushels, were up 21.947 million, or 11.6%, from 188.879 million last September.
Indicated disappearance for June – August 2022 totaled 697.533 million bushels, up 184.472 million, or 36.0%, from 513.061 million the same period a year earlier. The USDA added that based on an analysis of end-of-marketing year stock estimates, disappearance data for exports and crushings and farm program administrative data, the 2021 soybean production was revised upward by 30.2 million bushels to 4.465 billion bushels from the previous estimate.
2021 soybean planted area was unchanged at 87.195 million acres, but harvested area was revised to 86.312 million acres. The 2021 yield, at 51.7 bushels per acre, was up 0.3 bushel from 51.4 bushels in the previous estimate, the report said.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $144.30 to $145.78 per cwt, compared with last week’s range of $142.00 to $147.86. FOB dressed steers, and heifers went for $226.50 to $227.94 per cwt, versus $222.00 to $227.67.
The USDA choice cutout Monday was up $2.19 per cwt at $245.94 while select was up $1.18 at $221.31. The choice/select spread widened to $24.63 from $23.61 with 67 loads of fabricated product and 29 loads of trimmings and grinds sold into the spot market.
The USDA said basis bids for corn from feeders in the Southern Plains were down $0.15 to $0.40 at $1.95 to $2.05 a bushel over the Dec futures and for southwest Kansas were steady at $1.00 over Dec, which settled at $6.80 3/4, up $0.03 1/4.
The CME Feeder Cattle Index for the seven days ended Friday was $175.44 per cwt down $0.02. This compares with Monday’s Oct contract settlement of $175.52, up $1.35.