Market News & Headlines >> USDA Seen Raising Corn, Soybean and Wheat Carryouts
USDA is expected to raise its estimates of 2016-17 ending stocks for U.S. corn, soybean and wheat in Tuesday morning’s monthly supply/demand update after its quarterly Grain Stocks survey showed larger-than-expected March 1 supplies of all three commodities.
Trade estimates of the 2016-17 U.S. corn carryout average 2.352 billion bushels in a range from 2.270-2.484 billion compared with USDA’s March forecast of 2.320 billion bushels. March 1 corn stocks of 8.616 billion bushels were 82 million above the average of trade estimates, implying lower-than-expected feed/residual use.
Pre-report expectations for the 2016-17 U.S. soybean carryout average 447 million bushels in a range from 410-475 million bushels, compared with USDA’s March estimate of 435 million bushels. March 1 soybean stocks of 1.735 billion bushels were 51 million above the average of trade expectations and USDA appears to have “found” some stocks that were missed in its December survey.
Trade expectations for the 2016-17 U.S. wheat carryout average 1.147 billion bushels in a range from 1.100-1.200 billion, compared with USDA’s March forecast of 1.129 billion bushels. March 1 wheat stocks of 1.655 billion bushels were 28 million above the average of trade expectations, implying lower feed/residual usage.