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Increased Ethanol Demand, Exports Drive Down Corn Stocks
USAgNet - 06/11/2021

This month’s 2021/22 U.S. corn outlook is for reduced beginning and ending stocks in the World Agricultural Supply and Demand Estimates (WASDE) released Thursday, June 10.

Beginning stocks are down 150 million bushels reflecting projected increases for 2020/21 in corn used for ethanol and exports.

Corn used for ethanol is raised 75 million bushels based on the most recent data from the Grain Crushings and Co-Products Production report, and weekly ethanol production and refiner and blender net inputs data during May which indicate demand is almost back to levels seen prior to COVID-19.

Exports are raised 75 million bushels, based on export inspection data for the month of May that implies continued robust global demand for U.S. corn, despite high WASDE-613-2 prices. With no use changes for 2021/22, ending stocks are lowered 150 million bushels. The season-average farm price received by producers is unchanged at $5.70 per bushel.

This month’s U.S. soybean supply and use projections for 2021/22 include higher beginning and ending stocks. Higher beginning stocks reflect a lower crush forecast for 2020/21.

Soybean crush for 2020/21 is reduced 15 million bushels to 2.175 billion based on a lower forecast for soybean meal domestic disappearance and higher soybean meal imports.

The outlook for 2021/22 U.S. wheat this month is for larger supplies, higher domestic use, unchanged exports, and slightly lower stocks. Supplies are raised as higher production more than offsets reduced beginning stocks.

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