Market News & Headlines >> USDA Seen Hiking Grain, Soybean Ending Stocks
USDA is expected to raise its forecasts for 2020/21 U.S. corn and soybean ending stocks due to higher U.S. production, and is also expected to raise projected wheat ending stocks slightly when it releases its monthly Supply/Demand report on Wednesday morning.
Trade estimates of the 2020/21 U.S. corn carryout average 2.824 billion bushels in a range from 2.460-3.206 billion, compared with USDA’s July forecast of 2.648 billion bushels, according to a Bloomberg News survey of 28 analysts. USDA is also expected to raise its 2019/20 U.S. corn carryout forecast slightly. Trade estimates of this year’s corn carryout average 2.269 billion bushels in a range from 2.150-2.348 billion compared with USDA’s July forecast of 2.248 billion bushels.
Pre-report estimates of the 2020/21 U.S. soybean carryout average 526 million bushels in a range from 430-689 million compared with USDA’s July forecast of 425 million bushels. USDA is expected to make little change in its 2019/20 soybean carryout estimate. Trade expectations for this year’s soybean carryout average 618 million bushels, just 2 million below USDA’s July forecast, in a range from 576-677 million bushels.
Trade expectations for 2020/21 U.S. wheat ending stocks average 948 million bushels, 6 million above USDA’s July forecast, in a range from 899 million-1.011 billion bushels.