Market News & Headlines >> USDA Seen Raising Corn Carryout, Cutting Soy
USDA is expected to raise its forecast for the 2014-15 U.S. corn carryout and cut its forecast for the soybean carryout, based on the March 1 grain stocks estimates when it releases its monthly supply/demand update on Thursday.
Trade estimates of U.S. corn ending stocks average 1.854 billion bushels in a range from 1.750-1.999 billion, compared with USDA’s March estimate of 1.777 billion bushels. USDA will likely cut bushels from feed/residual usage as the March 1 corn stocks figure implied lower-than-expected first half feed/residual usage. USDA could also potentially cut projected exports based on slower sales and shipments over the past month.
Trade estimates of U.S. soybean ending stocks average 370 million bushels in a range from 347-399 million, compared with USDA’s March estimate of 385 million. The March 1 stocks number implied larger-than-expected first-half 2014-15 soybean disappearance, but USDA also may have overstated 2014 soybean production.
Little change is expected in USDA’s forecast for the 2014-15 U.S. wheat carryout. Trade estimates of wheat ending stocks average 692 million bushels, 1 million bushels above USDA’s March forecast in a range from 671-721 million bushels.