Market News & Headlines >> USDA seen raising corn, soy carryouts; cutting wheat
USDA is expected to raise its estimates of 2021/22 U.S. corn and soybean ending stocks and lower its forecast for wheat ending stocks in Tuesday’s monthly Supply/Demand report, based on the recent Grain Stocks report.
Trade estimates of the 2021/22 U.S. corn carryout average 1.432 billion bushels, up a modest 24 million bushels from USDA’s September forecast, in a range from 1.238-1.568 billion bushels, according to a Reuters News Service survey of 21 analysts. Larger-than-expected old-crop ending stocks indicated by the Sept. 30 Grain Stocks report are expected to be partly offset by a small drop in the estimated 2021 corn crop.
Pre-report estimates of the 2021/22 U.S. soybean carryout average 300 million bushels, up 115 million bushels or 62% from USDA’s September forecast, in a range from 161-373 million. USDA is expected to raise its 2021 U.S. soybean production estimate slightly, adding to the supply bump from larger-than-expected old-crop ending stocks of 256 million bushels.
Trade expectations for the 2021/22 U.S. wheat carryout average 576 million bushels, down 39 million bushels or 6.3% from USDA’s September forecast, in a range from 470-615 million. Wheat carryout forecast have fallen since USDA pegged Sept. 1 wheat stocks below expectations at 1.780 billion bushels, the lowest level since 2007.