(Indianapolis) – May 12, 2023 – 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 earlier this afternoon.
According to Dr. 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.”
Dr. 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.
About Indiana Farm Bureau: For more than 100 years, Indiana Farm Bureau (INFB) has protected and enhanced the future of agriculture and our communities. As the state’s largest general farm organization, INFB works diligently to cultivate a thriving agricultural ecosystem to strengthen the viability of Indiana agriculture. Learn more at INFB.org.