USDA Prospective Plantings Report
|Good or Excellent||As of July 10||Previous Week||Previous Year|
|New York Corn||60%||60%||86%|
|New York Soybeans||49%||64%||82%|
- Prices for grains and oilseeds remain very high but have declined since last quarter, with July corn futures trading at $7.47/bu, and July soybean futures at $15.91/bu.1
- USDA forecasts corn prices for the 2022/23 market year, at $6.65 (2021/22: $5.95). Soybean prices are forecast at $14.40 for 22/23 (2021/22: $13.35).2
- Export demand is forecast down slightly. Corn exports for the 2022/23 marketing year are projected at 2.40 billion bushels, slightly lower than last year. China has been a much more significant buyer of U.S. corn than in previous years and continues to be the leading destination for U.S. soybean exports, but economic weakness there may affect their purchasing.
- There is a great deal of concern about input costs. This may be driving a shift to soybeans which need less fertilizer, and continue to receive high prices. Concerns remain about fall fertilizer availability and cost.
1 CBOT Futures
2 USDA WASDE
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