USDA raises old crop corn, soybean carryout guesses
The USDA has made minor adjustments to the old crop balance sheets for U.S. corn and soybeans, with a quarter left in the current marketing year. The USDA raised old crop corn ending stocks 5 million bushels to 2.103 billion with a reduction to the 2019 production total mostly cancelled out by a lower ethanol use estimate, which prompted a 5 million bushel increase in the new crop ending stocks projection to 3.323 billion bushels. Ending stocks for the old marketing year are counted as beginning stocks for the new marketing year.
Old crop soybean stocks were up 5 million bushels from May at 585 million with a slightly lower 2019 production total, a higher crush demand projection, and a reduction in exports. New crop soybean export were down 10 million bushels on the month at 395 million on that higher beginning stocks figure against expectations for higher crush demand.
New crop wheat ending stocks were up 16 million bushels on the month at 925 million bushels on a bigger beginning stocks number and a higher production estimate.
The new marketing year for wheat started June 1st and the current marketing year for corn and soybeans runs through the end of August.
The USDA’s next set of supply and demand estimates is out July 10th.