Market News & Headlines >> USDA Seen Raising Corn, Soy Carryouts Slightly
USDA is expected to raise its estimate of U.S. corn and soybean ending stocks slightly and cut its estimate of the U.S. wheat carryout marginally on Tuesday when it releases its monthly Supply/Demand report.
Pre-report trade expectations for 2019/20 U.S. corn ending stocks average 1.919 billion bushels in a range from 1.890-1.960 billion bushels compared with USDA’s November estimate of 1.910 billion bushels, according to a Reuters News Service survey of 20 analysts. Continued sluggish demand could potentially cause USDA to make a further cut to it’s U.S. corn export projection.
On average, the trade expects USDA to peg the 2019/20 U.S. soybean carryout at 476 million bushels, a mere 1 million above USDA’s November estimate, with trade expectations ranging from 455-500 million bushels.
On average, the trade expects USDA to peg the 2019/20 U.S. wheat carryout at 1.010 billion bushels, down 4 million bushels from its November estimate. Trade expectations for wheat stocks range from 989 million-1.025 billion bushels.