Market News & Headlines >> No Surprises in Supply/Demand Report
Thursday’s monthly supply/demand update from USDA provided no surprises for the grain and soybean markets and garnered little reaction from futures traders.
USDA raised its forecast for the U.S. corn carryout by 50 million bushels to 1.827 million bushels. That figure toward the low end of trade expectations, which averaged 1.854 billion bushels in a range from 1.750-1.999 billion and provided some light support for corn futures.
As expected, USDA lowered its U.S. soybean carryout forecast by 15 million bushels to 370 million. That figure matched the average of trade estimates, which ranged from 347-399 million bushels. USDA left projected U.S. exports and crushings unchanged, instead raising the soybean residual to account for the smaller stocks.
USDA cut its forecast of the 2014-15 U.S. wheat carryout by a modest 7 million bushels, to 184 million providing mildly friendly news for that market. Trade estimates of the wheat carryout averaged 192 million bushel in a range from 671-721 million. USDA trimmed projected U.S. wheat exports by 20 million bushels to 880 million, but raised feed use by 10 million and cut imports by 15 million.