US corn and ending stocks are projected to build in 2021-22, but supplies will nevertheless remain relatively light.
As can be seen on the graph below, both corn and soybean ending stocks will remain below the level of the past six years, even with the expected new-crop rebound. Meanwhile, the new-crop corn stocks-to-use ratio will basically remain unchanged from 2021-20, while the soybean ratio will increase just modestly from this year’s multi-year low.
Forecasts released at last week’s USDA Agricultural Outlook Forum pegged 2021-22 soybean ending stocks at just 145 million – a minor 25-million increase from the current year. Corn ending stocks, meanwhile, were forecast at 1.6 billion bu, up only 50 million from 2020-21. Ending stocks are expected to remain under pressure despite the fact 2021 combined corn and soybean planted acres are forecast by the USDA to reach a record 182 million acres, topping the previous high achieved in 2017 of 180.3 million.
Combined corn, soybean and wheat ending stocks are also expected slightly lower in 2021-22, with the small gains in corn and soybeans offset by a drop for wheat.
Source: DePutter Publishing Ltd.
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