Market News & Headlines >> USDA’s Supply Report Bullish Grains, Negative Beans
Ending stocks estimates are good news for wheat and corn, disappointing for soybeans. USDA reduced wheat ending stock from its January estimate of 608 million bushels to only 558 million on strong exports. This is below the 603-million pre-report average estimate and also below the range of 574-653 million.
Corn ending stocks, at 1.48 billion, also is bullish against 1.63 billion in January and average expectations for 1.62 billion (trade range 1.57-1.75).
Soybean ending stocks at 150 million bushels, were unchanged from last month whereas traders expected a drop to 143 million (range 125-164).
World ending stocks followed the same direction, with wheat at 183.73 MMT, down from 185.40 in January and somewhat below Reuters’ poll average of 184.97.
Corn ending stocks fell even more than expected, to 157.3 MMT against 160.23 in January and a 159.6 trade average (range 156.3-163.2).
Again, soybean stocks increased – to 73 MMT, from 72.33 in January and an expected 72.67 (range 71-75.35).