Market News & Headlines >> U.S. Corn Carryout Forecast Seen Falling
USDA is expected to cut its projection of next marketing year’s U.S. corn ending stocks because of lower production, but is seen raising its forecast for 2019/20 soybean ending stocks slightly when it releases its monthly supply/demand report on Monday morning at 11:00 a.m. CT.
However, any cuts USDA makes to corn may be at least partially offset by cuts to its 2018/19 and 2019/20 usage estimates amid signs of continued slow demand.
Trade estimates of the 2019/20 U.S. corn carryout average 1.570 billion bushels in a range from 1.212-1.900 billion compared with USDA’s July forecast of 2.010 billion bushels, according to a Bloomberg survey of 25. Pre-report expectations for the 2018/19 corn carryout average 2.386 billion bushels in a range from 2.220-2.490 billion compared with USDA’s July projection of 2.340 billion bushels.
Trade estimates of the 2019/20 U.S. soybean carryout average 810 million bushels in a range from 373 million to 1.096 billion compared with USDA’s July projection of 795 million. Prep-report estimates of the 2018/19 U.S. soybean carryout average 1.067 billion bushels in a range from 988-1.200 billion compared with USDA’s July forecast of 1.050 billion.
Trade estimates of U.S. 2019/20 wheat ending stocks average 998 million bushels, a mere 2 million below USDA’s July forecast, in a range from 880 million to 1.072 billion.