Market News & Headlines >> Minor Changes Seen in U.S. Corn, Soy, Wheat Stocks
The grain trade expects USDA to lower its estimate of the 2017/18 U.S. corn carryout slightly in Tuesday morning’s monthly supply/demand update, while making small upward adjustments in projected soybean and wheat ending stocks.
Trade estimates of the U.S. corn carryout average 2.478 billion bushels, 9 million below USDA’s November estimate, in a range from 2.394-2.519 billion, according to a survey of 27 analysts by Bloomberg News. Corn-for-ethanol use data for the first three months of the marketing year suggests USDA is underestimating usage.
Pre-report estimates of U.S. soybean ending stocks average 440 million bushels, 15 million above USDA’s November estimate in a range from 422-491 million bushels. Sluggish export sales of U.S. soybeans could lead USDA to lower its export forecast, although the agency is likely to be cautious about cutting exports as it has a history of underestimating them.
On average, the trade is expecting USDA to peg U.S. wheat ending stocks at 939 million bushels, 4 million above its November forecast, with estimates ranging from 925-987 million bushels.