Market News & Headlines >> Few Changes Expected in USDA Supply/Demand Report

USDA is not expected to make any major changes in its estimates of 2023/24 U.S. corn, soybean or wheat ending stocks in Thursday morning’s monthly Supply/Demand report.

Trade estimates of the 2023/24 U.S. corn carryout average roughly 2.141 billion bushels, 30 million bushels above USDA’s October estimate, in a range from 1.996-2.498 billion bushels, according to a Bloomberg News survey of 26 analysts.

Pre-report expectations for the U.S. soybean carryout average about 223 million bushels, 3 million bushels above USDA’s October estimate, in a range from 190-261 million bushels.

Trade expectations for the U.S. wheat carryout average 670 million bushels, unchanged from USDA’s October estimate in a narrow range from 650-696 million bushels.

USDA’s world balance sheets for corn, soybeans and wheat are also not expected to show many changes. Trade estimates of the 2023/24 world corn carryout average 311.8 million metric tons, marginally below USDA’s October estimate of 312.4 million tons.

Pre-report estimates of world soybean ending stocks average 115.5 million metric tons, just 100,000 tons below USDA’s October estimate.

Trade expectations of the world wheat carryout estimate average 257.9 million metric tons, only 200,000 tons below USDA’s October projection.