Market News & Headlines >> USDA Likely to Make Only Minor S/D Changes

USDA is expected to make only small changes to its 2019/20 U.S. balance sheets for corn, soybeans and wheat when it releases its monthly supply/demand report on Friday. 

Trade estimates of the 2018/19 corn carryout average 1.751 billion bushels in a range from 1.685-1.835 billion bushels compared with USDA’s February estimate of 1.735 billion bushels, based on a Bloomberg News survey of 27 analysts. USDA could potentially lower its estimate of U.S. corn-for-ethanol use based lower-than-expected use for the first five months of the marketing year. 

Pre-report expectations for the 2018/19 U.S. soybean carryout average 904 million bushels in a range from 852-944 million compared with USDA’s February forecast of 910 million bushels. USDA could potentially raise its U.S. crush estimate again due to a stronger-than-expected September-January crush pace. 

Pre-report estimates of the 2018/19 U.S. wheat carryout average 1.019 billion bushels in a range from 990 million to 1.050 billion compared with USDA’s February projection of 1.010 billion bushels. USDA could cut its forecast for 2018/19 U.S. wheat exports with export shipments continuing to lag expectations.