Market News & Headlines >> USDA Expected to Cut Corn, Soy, Wheat Carryouts
USDA is expected to lower its estimates of U.S. corn, soybean and wheat ending stocks for 2019/20 when it releases its monthly Supply/Demand report on Friday morning.
Corn and soybean stocks are expected to be lowered mainly due to lower 2019 production for both crops, while projected wheat ending stocks are expected to fall only marginally from December.
Pre-report estimates of 2019/20 U.S. corn ending stocks average 1.776 billion bushels in a range from 1.479-12.124 billion bushels compared with USDA’s December estimate of 1.910 billion, according to a Bloomberg News survey of 27 analysts.
Trade expectations for 2019/20 U.S. soybean ending stocks average 431 million bushels in a range from 310-520 million compared with USDA’s December projection of 475 million bushels.
Trade estimates of 2019-20 U.S. wheat ending stocks average 970 million bushels in a range from 930 million-1.00 billion, compared with USDA’s December estimate of 974 million bushels.