Market News & Headlines >> USDA Seen Raising Grain, Soy Stocks Forecasts
USDA is expected to raise projected U.S. ending stocks for corn, soybeans and wheat in Thursday’s monthly Supply/Demand report due to larger production and larger old-crop carry-ins of corn and soybeans as indicated by the Sept. 28 Grain Stocks report. The larger old-crop stocks suggest projected usage could potentially be cut slightly for all three crops.
Trade estimates of the 2018/19 U.S. corn carryout average 1.919 billion bushels in a range from 1.766-2.352 billion bushels compared with USDA’s September estimate of 1.774 billion bushels.
Pre-report expectations for the 2018/19 U.S. soybean carryout average a record large 898 billion bushels in a range from 778-985 million bushels compared with USDA’s September estimate of 835 million bushels.
Trade estimates of U.S. 2018/19 wheat ending stocks average 950 million bushels in a range from 895-97 million bushels compared with USDA’s September forecast of 935 million bushels.