Market News & Headlines >> USDA Seen Cutting Corn, Soy Carryout Estimates
USDA is expected to cut its forecast for 2021/22 U.S. corn and soybean ending stocks in Wednesday morning’s monthly Supply/Demand report amid prospects for South American crop losses to boost demand for U.S. supplies.
Pre-report trade estimates of the 2021/22 U.S. corn carryout average 1.512 billion bushels in range from 1.420-1.560 billion, compared with USDA’s January estimate of 1.550 billion bushels, according to a Reuters News Service survey.
USDA might raise its forecast for 2021/22 U.S. corn exports from the current level of 2.425 billion bushels based on the current pace of sales and shipments and smaller crop forecasts for Argentina and Brazil.
Trade estimates of the U.S. soybean carryout average 310 million bushels in a range from 182-350 million compared with USDA’s January estimate of 350 million bushels.
USDA is widely expected to raise its estimate of U.S. soybean exports from the current level of 2.050 billion bushels. However, any increase in old-crop exports will likely be moderate as Brazil is expected to be an active exporter through the end of next summer despite a short crop.
USDA is not expected to significantly change its forecast for the 2021/22 U.S. wheat carryout. re-report expectations for the 2021/22 U.S. wheat carryout average 629 million bushels, just 1 million above USDA’s January estimate in a range from 596-655 million.
There is some chance USDA could cut its forecast for U.S. exports for a fourth straight month based on the current pace of export sales and shipments, but actual exports through December as reported by the Census Bureau were well above USDA reported shipments.