Market News & Headlines >> USDA Seen Raising World Soy Carryout Again
The grain trade is expecting USDA to raise its forecast for the 2018/19 world soybean carryout further in the monthly Supply/Demand report due out on Tuesday.
Trade estimates of world soybean ending stocks for the current marketing year average 113.2 million metric tons in a range from 110.8-115.0 million tons compared with USDA’s November forecast of 112.1 million, according to a Bloomberg News survey of 22 analysts.
Higher South American production is expected to contribute to larger soybean supplies. Trade estimates of Brazil’s 2018/19 crop average 121.1 million metric tons in a range from 119.0-124.0 million tons versus USDA’s November estimate of 120.5 million. Estimates of Argentina’s crop average 55.7 million tons in a range from 54.0-57.0 million compared with USDA’s November estimate of 55.5 million.
USDA is expected to raise its world corn carryout estimate marginally. Trade estimates of world corn ending stocks average 307.9 million tons in a range from 304.2-312.0 million versus USDA’s November projection of 307.5 million.
Pre-report estimates of the 2018/19 world wheat carryout average 266.5 million metric tons, just 200,000 below USDA’s November forecast, in a range from 262.0-270.0 million.