Market News & Headlines >> Small Changes Seen In USDA World Stocks Estimates
The grain trade is expecting only small changes to USDA’s forecasts for world corn, wheat and soybean ending stocks in Tuesday morning’s monthly supply/demand update.
Trade estimates of the world corn carryout average 207.35 million metric tons in a range from 206.00-209.20 million tons compared with USDA’s March forecast of 206.97 million. USDA could raise its forecast for production in Brazil and Argentina slightly based on forecasts from those countries.
Pre-report estimates of the world wheat carryout average 237.22 million metric tons in a range from 235.14-238.50 million compared with USDA’s March estimate of 237.59 million tons.
Trade estimates of the world soybean carryout average 78.96 million metric tons in a range from 77.50-80.50 million compared with USDA’s March estimate of 78.87 million metric tons. USDA could potentially cut its forecast for Brazil’s crop slightly based on last week’s official Brazilian estimate, but could raise its estimate of Argentina’s crop.