Market News & Headlines >> USDA Seen Raising Soy, Grain Stocks
USDA is expected to raise its estimates of U.S. corn, soybean and wheat ending stocks for 2015-16 due to larger production and slow export demand when it releases its monthly supply/demand update on Tuesday morning.
Trade estimates of U.S. corn ending stocks average 1.597 billion bushels, 36 million above USDA’s October forecast in a range from 1.461-1.702 billion bushels, according to a Reuters News Service survey of 19 analysts. USDA is expected to cut its U.S. corn export projection due to slow sales and shipments, and could also raise production due to good yields.
Trade estimates of U.S. soybean ending stocks average 436 million bushels, up 11 million bushels from USDA’s October estimate, in a range from 375-474 million. The trade is anticipating a larger production number due to continued reports of favorable yields.
Pre-report expectations for the U.S. 2015-16 wheat carryout average 877 million bushels, 16 million above USDA’s October estimate in a range from 836-914 million bushels. USDA is expected to cut its U.S. wheat export forecast further amid lagging sales and shipments and continued stiff competition in the world market.