Market News & Headlines >> Corn, Soybean Stocks Should Be Record Large
Thursday morning’s quarterly Grain Stocks report from USDA is expected to show Dec. 1, 2016 stocks of corn and soybeans at record levels, with Dec. 1 wheat stocks at a 29-year high following bumper 2016 harvests for all three crops.
Trade estimates of Dec. 1 corn stocks average 12.323 billion bushels, 1.085 billion or 9.7% higher than the Dec. 1, 2015 stocks of 11.238 billion bushels, according to a survey of 27 analysts by Bloomberg News. The range of analysts’ expectations is wide, though, stretching from 11.600 to 12.700 billion bushels.
Pre-report estimates of Dec. 1 soybean stocks average 2.953 billion bushels in a range from 2.745 to 3.120 billion. At the average of trade expectations, U.S. soybean stocks would be 238 million bushels or 8.8% above the Dec. 1, 2015 stocks of 2.715 billion bushels.
Trade expectations for Dec. 1 wheat stocks average 2.056 billion bushels, 310 million bushels or 17.8% above the Dec. 1, 2015 stocks of 1.746 billion bushels. Trade wheat stocks estimates range from 1.828 to 2.158 billion bushels. At the average of trade expectations, U.S. wheat stocks would be largest since 1987, when they topped 2.500 billion bushels.