Market News & Headlines >> USDA Seen Raising U.S. Soy Carryout Again
The grain trade expects USDA to raise its estimate of the 2017/18 U.S. soybean carryout further in Wednesday’s monthly supply/demand update due to continued slow export sales, but anticipates a small cut to the projected corn carryout.
Trade estimates of U.S. soybean ending stocks average 488 million bushels in a range from 455-540 million, compared with USDA’s January forecast of 470 million bushels, according to a survey of 28 analysts by Bloomberg news. At 488 million bushels, the U.S. soybean carryout would be up more than 61% from last year’s estimated 302-million-bushel carryout.
Pre-report estimates of 2017/18 U.S. corn ending stocks average 2.467 billion bushels in a range from 2.402-2.567 billion bushels compared with USDA’s January estimate of 2.477 billion bushels. At 2.467 billion bushels, the U.S. corn carryout would still be up 7.6% from last year’s 2.293 billion.
The trade expects little change to USDA’s forecast for U.S. wheat ending stocks. Trade estimates of the U.S. wheat carryout average 988 million bushels, only 1 million below USDA’s January projection, in a range from 937 million to 1.014 billion. At 988 million bushels, the U.S. wheat carryout would be down 16.3% from last year’s 1.181 billion.