Market News & Headlines >> USDA Seen Raising World Soy Stocks Again
USDA is expected to raise its record high world soybean ending stocks forecast a bit further on Thursday, while making small cuts to projected world corn and wheat stocks.
Trade estimates of the 2018/19 world soybean carryout average 111.0 million metric tons in a range from 107.3-113.5 million tons, compared with USDA’s October forecast of 110 million tons.
USDA might lower China’s projected 2018/19 soybean imports and consumption, based on a recent report from the U.S. agricultural attaché in Beijing that estimated Chinese imports at just 85 million tons compared with USDA’s official October forecast of 94.0 million.
Pre-report expectations for world corn ending stocks average 159.2 million metric tons, just 200,000 below USDA’s October estimate, in a range from 156.9-165.0 million tons.
Trade expectations for world wheat ending stocks average 259.5 million tons, only 700,000 below USDA’s October forecast, in a range from 257.4-261.5 million tons.