The USDA, Foreign Agricultural Service (FAS) reported total U.S. corn export commitments (shipments plus outstanding sales of December 1, 2022) at 19.0 million metric tons (down 48 percent from last year and 32 percent below the 5-year average). Sales are slow (relative to last year) due to high export prices, driven by limited exportable supplies and difficult inland logics, resulting from historically low water levels on the Mississippi River—a critical channel that moves corn from the Midwest to export terminals in the Louisiana Gulf.
The 2022/23 corn ending stocks forecast increased in December on reduced exports, while domestic use remained unchanged at 12,025 million bushels. The forecasted corn season-average farm price for 2022/23—of $6.70 per bushel—fell $0.10 from November on a lower than-expected October national corn price received (of $6.50 per bushel) reported by USDA,
National Agricultural Statistical Service (NASS).
