Market News & Headlines >> USDA Seen Raising 2018/19 World Corn, Soy Carryouts
USDA is expected to cut expected old-crop world ending stocks for corn and soybeans slightly, but raise projected stocks for 2018-19 in Thursday’s monthly supply/demand update.
Trade estimates of the 2018/19 world corn carryout avg. 156.27 million metric tons in a range from 151.00-163.00 million, versus USDA’s June forecast of 154.69 million tons, according to a Reuters News Service survey. Pre-report estimates of 2017/18 world corn stocks avg. 191.42 million tons in a range from 189.50-192.88 million, down from USDA’s June estimate of 192.69 million tons.
Pre-report estimates of the 2018/19 world soybean carryout average 88.15 million metric tons in a range from 85.00-92.00 million compared with USDA’s June forecast of 87.02 million tons. Expectations for the old-crop soybean carryout average 91.76 million tons in a range from 89.00-93.00 million, down from USDA’s June projection of 92.49 MMT.
USDA is expected to cut its forecast of 2018/19 world wheat ending stocks slightly. Trade estimates of this year’s world wheat carryout average 265.05 million metric tons in a range from 262.00-268.00 million tons compared with USDA’s June estimate of 266.16 million tons. Little change is expected in the old-crop world wheat carryout with trade estimates averaging 272.46 million tons versus USDA’s June projection of 272.37 million.