INDIANAPOLIS — Indiana Farm Bureau’s Chief Economist Todd Davis is offering up his insights on the latest World Agricultural Supply and Demand Estimates (WASDE) report released on May 12.
According to Davis, “Corn stocks will increase 11 percent from the 2022 crop, and soybeans will increase about 5 percent. As we predicted from the prospective plantings report in March, we’re going to see lower prices and tighter margins.”
Davis added, “Money markets are cyclical, and we’ve enjoyed the profit margins in recent years. Now the cycle is coming down, so producers need to be more aware of expenses. Go back to some of your cost management practices and fine-tune your budgets.” He also noted that everything is still dependent on weather, and the acreage report that will come from the U.S. Department of Agriculture (USDA) on June 30 will provide an updated outlook from actual planting data.
Read Dr. Davis’s full insights here.
The WASDE report is released monthly and provides annual forecasts for supply and use of crops. For more information about the WASDE process and data, visit the USDA’s FAQs page.
— Indiana Farm Bureau