Market News & Headlines >> USDA Seen Raising New-Crop Carryout Forecasts
USDA is expected to raise its estimates of U.S. corn and soybean ending stocks for 2016/17 due to strong production prospects when it releases its monthly supply/demand update on Friday.
The grain trade expects USDA to raise its 2016/17 corn carryout by 203 million bushels or nearly 10% from its July forecast of 2.081 billion bushels. Trade estimates of 2016/17 U.S. corn ending stocks average 2.284 billion bushels in a range from 1.977-2.653 billion, according to a survey of up to 33 analysts by Bloomberg News.
Trade estimates of the U.S. 2016/17 soybean carryout average 321 million bushels, 31 million bushels or 10.7% above USDA’s July forecast, with trade estimates ranging from 260-403 million bushels.
Expectations for USDA’s old-crop carryout forecasts are mixed. Trade estimates of the 2015/16 corn ending stocks average 1.721 billion bushels, 20 million above USDA’s July estimate, in a range from 1.581-1.903 billion bushels.
Pre-report estimates of the 2015/16 U.S. soybean carryout average 324 million bushels, 26 million below USDA’s July forecast, in a range from 254-361 million. Continued strong export sales and shipments point to a further increase in the export forecast.