Market News & Headlines >> Grain, Soy Stocks on Low Side of Expectations
Last Friday’s quarterly Grain Stocks report from USDA showed June 1 stocks of corn, soybeans and wheat below most trade expectations, implying stronger-than-expected quarterly disappearance.
USDA pegged June 1 U.S. corn stocks at 5.202 billion bushels, down 102 million bushels or 1.9% from a year earlier and near the low end of pre-report trade estimates, which averaged 5.314 billion bushels in a range from 5.099-5.497 billion. The corn stocks number implies larger-than-expected March-May feed/residual use.
June 1 U.S. soybean stocks were pegged at 1.790 billion bushels by USDA, up a hefty 46.8% from a year earlier, but again, at the low end of trade expectations, which averaged 1.865 billion bushels in a range from 1.700-1.962 billion. The soybean stocks number implies larger-than-expected soybean residual use.
June 1 U.S. wheat stocks of 1.072 billion bushels, were down a modest 27 million from a year earlier and compared with trade estimates averaging 1.089 billion bushels in a range from 1.010-1.115 billion. The stocks number implies slightly stronger-than-expected feed/residual use.