Market News & Headlines >> USDA Raises World Grain Stocks Estimates
USDA raised its forecasts for 2018/19 world corn, soybean and wheat ending stocks in Tuesday morning’s monthly supply/demand update. World corn and wheat stocks were raised more than most traders expected.
USDA raised projected 2018/19 world corn ending stocks by 5.48 million metric tons to 314.01 million tons compared with trade expectations that averaged 311.16 million metric tons in a range from 307.00-314.90 million, according to a Reuters News Service survey of 16 analysts.
USDA raised its projected world wheat carryout by 5.08 million metric tons to 275.61 million tons compared with pre-report estimates that averaged 271.00 million metric tons in a range from 1269.80-274.22 million tons.
USDA also raised its world soybean carryout forecast marginally to 107.36 million metric tons from 107.17 million tons. Trade estimates of world soybean ending stocks averaged 108.04 million tons in a range from 106.20-111.10 million.