Market News & Headlines >> June 1 Grain Stocks Seen Down Significantly
USDA is expected to peg U.S. June 1 stocks of corn, soybeans and wheat substantially below year-earlier estimates when it releases its quarterly Grain Stocks report on Wednesday morning.
Corn and soybean stocks are expected to be down due to primarily to strong use, particularly big exports, while wheat stocks should be down primarily to a small 2020 crop.
Trade estimates of June 1 corn stocks average 4.130 billion bushels in a range from 3.917-4.650 billion bushels. At the average of trade estimates, June 1 corn stocks would be down 873 million bushels or 17.4% from a year earlier and would be the lowest since 2014.
Pre-report estimates of June 1 soybean stocks average 773 million bushels in a range from 691-838 million bushels. At the average of trade estimates, June 1 soybean stocks would be down 608 million bushels or 44.0% from a year earlier and would be the smallest since 2015.
Trade expectations for June 1 wheat stocks average 861 million bushels in a range from 832-965 million bushels. At the average of trade estimates, June 1 wheat stocks would be 168 million bushels or 16.3% below a year earlier and would be the lowest since 2015, but would be 9 million bushels above USDA’s current estimate of 2020/21 U.S. wheat ending stocks.