LFC Comments  06/10/22 2:25:26 PM

21/22 Ending stocks: 205 MBU down 35 MBU from last month. Trade was looking for 166-240. Initial reaction was a tad bearish after the recent price action and the fact that this number did not decrease more than many thought.
22/23 Ending stocks: 280 MBU down from 310 last month. There was a wide range with the low and high estimate ranging from 250 MBU to 498 MBU.
World Ending Stocks: 21/22: 86.15 MMT vs 85.24 MMT and the 22/23 World ending stocks were unchanged at 99.6 MMT. The 21/22 number was on the high end of the range and is also attributing to today’s weakness.
21/22 Ending stocks: 1.485 BBU UP 45 MBU. This is due to a 50 MBU reduction in the corn export forecast and offset slightly with a 5 MBU increase in FSI
22/23 Ending stocks: 1.400 BBU UP 40 MBU. This places the Stx/Use ratio at 9.6% up from 9.3%. Figure the 45 MBU increase from the 21/22 C/O, less an additional 5 MBU increase in FSI nets the +40 MBU increase in 22/23 corn carry out.
World Ending stocks: 21/22: 310.92 MMT vs 309.39 last month whilst the 22/23 ending stocks remained unchanged at 305.13 MMT
Corn bounced lower following the report and climbed back to fractionally higher on the nearby and up 3 ¾ for CZ22 and up 5 ¾ for CZ23.
Nearby soybeans finished the day down 23 cents and new crop was down 14 cents and SX 23 was off 14 cents as well.
No change on yield for 2022/2023 crops. Planted acres report will be out on 6/30/2022.
Jim Cronin
Leland Farmers Company


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