Market News & Headlines >> USDA Seen Cutting Corn Carryout, Raising Soy, Wheat
USDA is expected to cut its projection for U.S. corn ending stocks due to lower production but raise its forecasts for soybean and wheat stocks when it releases its monthly Supply and Demand report on Thursday morning.
Pre-report trade estimates of the U.S. 2018/19 corn carryout average 1.775 billion bushels in a range from 1.567-2.105 billion, compared with USDA’s October projection of 1.813 billion bushels, according to a Bloomberg survey.
Trade expectations for the U.S. soybean carryout average 906 million bushels in a range from 820 million-1.010 billion bushels, compared with USDA’s October forecast of 885 million. The soybean carryout is seen rising despite lower expectations for U.S. production, with USDA expected to lower projected U.S. soybean exports due to China’s continued absence from the U.S. market.
Trade estimates of the U.S. 2018/19 wheat carryout average 969 million bushels in a range from 925 million-1.031 billion bushels, compared with USDA’s October projection of 956 million. USDA might lower projected U.S. exports with exports to date running well behind its forecast pace.