Market News & Headlines >> USDA Expected to Raise Corn, Soy, Wheat Carryout Forecasts
USDA is expected to raise its estimate of the 2022/23 U.S. corn carryout in this Friday’s monthly Supply/Demand report amid continued slow U.S. exports and is expected to raise projected soybean and wheat ending stocks slightly as well.
Trade estimates of the U.S. corn carryout average 1.238 billion bushels in a range from 1.180-1.350 billion bushels compared with USDA’s November estimate of 1.182 billion bushels, according to a Bloomberg News survey of 27 analysts.
USDA could lower its projection for 2022/23 U.S. exports based on continued slow export sales and shipments. High prices and logistical issues caused by low water levels on the U.S. river system have limited demand for U.S. corn so far amid competition from South American supplies.
Pre-report expectations for the U.S. soybean carryout average 233 million bushels in a range from 200-296 million bushels compared USDA’s November forecast of 220 million. Expectations for a record Brazilian crop have the trade expecting export demand for U.S. soybeans will drop off sharply during the second half of the marketing year.
Pre-report estimates of the U.S. wheat carryout average 581 million bushels in a range from 551-602 million bushels compared with USDA’s November estimate of 571 million bushels. U.S. wheat export sales continue to lag behind last year’s pace as U.S. wheat is uncompetitive with large Black Sea region supplies.