USDA’s February outlook for this crop year did little to cause an otherwise-anticipated shift in market fundamentals. With tight supplies from 2022, markets are generally numb to high commodity prices. And USDA’s first look at the new-crop year did little to change that.

The agency predicts 91 million planted acres for corn with average yields of 181.5 bushels per acre and a total crop of 15.09 billion bushels. With tight supplies from last year, overall ending stocks would hit 16.4 billion bushels. Corn demand is expected to grow in feed and residual use, but ultimately stay stagnant for exports, food, seed and industrial use.

On the soybean side, USDA predicts 87.5 million planted acres with average yields of 52 bushels per acre and a total crop of 4.5 billion bushels. With carryover from 2022 ending stocks, total supplies would be 4.75 billion bushels of soybeans. USDA anticipates an uptick in exports and a large expansion in domestic crush.

Read more on the latest USDA commodity outlooks here.