Market News & Headlines >> USDA Cuts Corn, Soy Stocks
USDA on Wednesday lowered its U.S. soybean carryout estimate a bit more than expected and also trimmed the corn carryout slightly, while raising projected wheat ending stocks.
USDA cut its projected U.S. soybean carryout for 2014-15 by 40 million bushels to 410 million, raising projected U.S. exports by the same amount due to a record export pace to date. The carryout estimate was 17 million bushels below the average of trade expectations. The projected range for the on-farm average price of soybeans was left unchanged at $9.00-$11.00.
The projected corn carryout was lowered by a modest 10 million bushels to 1.998 billion on a 10 million bushel increase in expected food, seed and industrial usage. Trade expectations for corn stocks had averaged 2.027 billion bushels. The projected on-farm average price of corn was unchanged at $3.20-$3.80
USDA raised its expected 2014-15 wheat carryout by 10 million bushels to 654 million bushels, matching the average of trade expectations. Projected U.S. wheat imports were raised by 10 million bushels due to a larger-than-expected crop in Canada.
Despite the higher carryout forecast, USDA raised its forecast for the average on-farm price of wheat to $5.80-$6.20 from $5.65-$6.15.