US Wheat Ending Stocks Down; Global Stocks Up

Jan 12, 2023

Projected 2022-23 US wheat ending stocks continued to tick lower but global stocks were raised in a monthly USDA supply-demand update Thursday.

US wheat ending stocks are now estimated at 567 million bu, down only slightly from the government’s December forecast of 571 million but further below the 2021-22 and 2020-21 ending stocks levels of 845 million and 698 million, respectively. Meanwhile, world wheat ending stocks were raised 1.1 million tonnes this month to 268.4 million, although that remains below the previous year’s 276.82 million.

The tightening in US stocks was a mild surprise, with most traders and analysts expecting an upward revision to around 580 million bu. Wheat futures were trading between 2 and 15 cents higher this afternoon.

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Video: Dicamba Returns for Georgia Farmers: What the New EPA Ruling Means for Cotton Growers

After being unavailable in 2024 due to registration issues, dicamba products are returning for Georgia farmers this growing season — but under strict new conditions.

In this report from Tifton, Extension Weed Specialist Stanley Culpepper explains the updated EPA ruling, including new application limits, mandatory training requirements, and the need for a restricted use pesticide license. Among the key changes: a cap of two ½-pound applications per year and the required use of an approved volatility reduction agent with every application.

For Georgia cotton producers, the ruling is significant. According to Taylor Sills with the Georgia Cotton Commission, the vast majority of cotton planted in the state carries the dicamba-tolerant trait — meaning farmers had been paying for technology they couldn’t use.

While environmental groups have expressed concerns over spray drift, Georgia growers have reduced off-target pesticide movement by more than 91% over the past decade. Still, this two-year registration period will come with increased scrutiny, making stewardship and compliance more important than ever.