Market News & Headlines >> World Corn, Wheat Stocks Seen Rising
USDA is expected to raise its already-record-large projections for world corn and wheat stocks a bit further in its December world supply/demand update, due out on Friday morning, while lowering projected soybean stocks marginally.
Pre-report trade estimates of world corn stocks average 219.24 million metric tons (8.631 billion bushels) in a range from 217.10-224.80 million tons compared with USDA’s November forecast of 218.19 million tons.
Trade expectations for world wheat ending stocks average 250.33 million metric tons in a range from 249.00-252.60 million, compared with USDA’s November forecast of 249.23 million tons.
On average, USDA is expected to peg the 2016/17 world soybean crop at 80.31 million metric tons, down a marginally from its November estimate of 81.53 million tons, with trade estimates ranging from 78.10-83.00 MMT.