Market News & Headlines >> USDA Seen Raising World Wheat Stocks Further
USDA is expected to raise its forecast for 2015-16 world wheat ending stocks slightly further on Friday while cutting its estimates of corn and soybean stocks.
Trade estimates of 2015-16 world wheat stocks average 221.90 million metric tons in a range from 220-224 million tons versus USDA’s August forecast of 221.47 million tons, according to a Reuters News Service survey of 8 analysts. Estimates of 2014-15 wheat ending stocks average 209.84 million tons versus USDA’s August estimate of 209.66 million tons.
Estimates of the 2015-16 world corn carryout average 193.44 million tons in a range from 192.00-195.50 million compared with USDA’s August forecast of 195.09 million tons. Estimates of 2014-15 world corn ending stocks average 197.05 million tons versus USDA’s August estimate of 197.42 million tons.
Forecasts of world soybean ending stocks average 86.21 million tons in a range from 85.03-87.50 million compare with USDA’s August projection of 86.88 million tons. Estimates of 2014-15 ending stocks average 80.15 million tons, below USDA’s August projection of 80.57 million tons.