Market News & Headlines >> USDA Seen Raising U.S. Corn, Wheat Carryouts (1)

USDA is expected to raise its estimates of 2022/23 U.S. corn and wheat ending stocks slightly when it releases its monthly Supply/Demand report on Wednesday, while leaving its soybean carryout forecast unchanged.

On average, the grain trade expects USDA to peg the 2022/23 U.S. corn carryout at 1.266 billion bushels, up 24 million from its January estimate of 1.242 billion, with trade estimates ranging from 1.200-1.335 billion bushels, according to a Reuters News Service survey of 19 analysts. USDA could potentially lower its forecast for corn-for-ethanol use or could cut its projection for U.S. exports further.

Trade estimates of the U.S. soybean carryover average 211 million bushels, just 1 million bushels above USDA’s January forecast, in a range from 176-230 million bushels.

Pre-report estimates of the U.S. wheat carryout average 576 million bushels, 9 million bushels above USDA’s January forecast in a range from 557-612 million bushels. USDA could lower its U.S. export forecast slightly amid continued slow sales and shipments.