Market News & Headlines >> USDA Seen Cutting Corn Carryout; Raising Soy, Wheat (1)
USDA is expected to cut its estimate of 2023/24 U.S. corn ending stocks in Thursday’s monthly Supply/Demand update, while raising its forecasts for soybean and wheat ending stocks.
The corn carryout is expected to be lowered due to the smaller-than-expected 2022/23 corn carryout indicated by the quarterly Grain Stocks report released on Sept. 29. USDA is also expected to lower 2023 U.S. production slightly.
Trade estimates of the 2023/24 corn carryout average 2.138 billion bushels in a range from 1.946-2.389 billion compared with USDA’s September estimate of 2.221 billion.
USDA is expected to raised its 2023/24 soybean carryout forecast after the Grain Stocks report indicated larger-than-expected old-crop ending stocks. Trade estimates of the 2023/24 U.S. soybean carryover average 233 million bushels in a range from 206-271 million bushels compared with USDA’s September estimate of 220 million bushels.
USDA is expected to raise its forecast for the 2023/24 U.S. wheat carryout after its Small Grains Summary report pegged 2023 U.S. wheat production well above trade expectations. Pre-report trade estimates of 2023/24 U.S. wheat ending stocks average 647 million bushels in a range from 584-693 million bushels compared with USDA’s September estimate of 615 million bushels.