Market News & Headlines >> USDA Seen Cutting Corn, Soy Carryouts
USDA is expected to cut its U.S. corn and soybean carryout forecasts for 2014-15 and 2015-16 on Friday to reflect stronger-than-expected third quarter disappearance implied by the June 1 grain stocks survey, but is seen raising projected U.S. wheat ending stocks based on higher-than-expected June 1 stocks of that crop.
Trade estimates of the 2014-15 U.S. corn carryout average 1.809 billion bushels in a range from 1.726-1.880 billion compared with USDA’s June forecast of 1.876 billion bushels, according to a survey of 22 analysts by Dow Jones Newswires. Expectations of the 2015-16 corn carryout average 1.508 billion bushels, down 263 million from USDA’s June estimate of 1.771 billion, in a range from 1.040-1.910 billion bushels.
Pre-report estimates of the 2014-15 U.S. soybean carryout average 292 million bushels in a range from 265-330 million versus USDA’s June estimate of 330 million. The trade consensus on 2015-16 stocks is 378 million bushels, down 97 million bushels from USDA’s June estimate of 475 million bushels, in a range from 127-450 million bushels.
Trade expectations for 2015-16 wheat ending stocks average 855 million bushels in a range from 695-947 million, compared with USDA’s June estimate of 814 million.