Market News & Headlines >> Larger 2018/19 Corn, Soy Carryouts Expected
USDA is expected to raise its forecasts for 2018/19 U.S. corn and soybean ending stocks in Friday’s monthly Supply/Demand report due to larger-than-expected production, but is seen cutting its wheat carryout forecast moderately due to smaller-than-expected production.
Meanwhile, the agency is expect to trim its estimates of corn and soybean ending stocks for the current 2017/18 marketing year a bit further due to strong demand.
Trade estimates of the 2018/19 U.S. corn carryout average 1.636 billion bushels in a range from 1.426-1.849 billion, compared with USDA’s July forecast of 1.552 billion bushels, according to a Bloomberg survey of 31 analysts. Pre-report estimates of the 2017/18 corn carryout average 2.015 billion bushels in a range from 1.900-2.137 billion bushels, compared with USDA’s July estimate of 2.027 billion.
Pre-report expectations for the 2018/19 U.S. soybean carryout average 648 million bushels in a range from 550-770 million, compared with USDA’s July forecast of 580 million bushels. Trade expectations for the 2017/18 soybean carryout average 463 million bushels, just 2 million below USDA’s July estimate.
Trade estimates of the 2018/19 U.S. wheat carryout average 967 million bushels, 18 million below USDA’s July forecast, in a range from 850 million-1.132 billion bushels.