International Corn Demand Lacks Luster

Now that harvest is, for the most part, finished, the market is focused on demand, says Total Farm Marketing advisor John Heinberg.

Wisconsin corn production is forecast at 537 million bushels, according to the latest USDA National Agricultural Statistics Service crop production report.

Based on conditions as of Nov. 1, yields are expected to average a record 182 bushels per acre, unchanged from the Oct. 1 forecast but up 2 bushels per acre from last year. Corn planted acreage is
estimated at 3.95 million acres, with an estimated 2.95 million acres to be harvested for grain.

But demand for that corn is disappointing, Heinberg says.

“The domestic demand is still pretty good. There is need for corn in the Western Corn Belt,” he says. “But you go look at the export side of things… right now shipments are running 77.5 percent under last year for this time window. It’s one of our worst marks in about a decade.”

And he says corn sales continue to be lackluster because U.S. corn is expensive.

Soybean production is forecast at 115 million bushels. The yield is forecast at 54 bushels per acre, unchanged from the October forecast but down 1 bushel from 2021. Soybean planted acreage is estimated at 2.16 million acres with 2.13 million acres to be harvested.

Potato production in Wisconsin is forecast at 27.6 million hundredweight, down 5 percent from 2021. Yield is forecast at 415 hundredweight per acre, with an expected 66,500 acres to be harvested.

The forecasts in this report are based on Nov. 1 conditions and do not reflect weather effects since that time. The next corn and soybean production estimates will be published in the Crop Production – Annual Summary report which will be released Jan. 12, 2023.