U.S. corn, soybean ending stocks up on month
The USDA raised new crop U.S. ending stocks estimates for corn and soybeans, but the numbers will likely change because of recent crop damage as they hinge on the increased production estimates.
The new crop corn carryover is pegged at 2.756 billion bushels, up 108 million from July and more than 500 million larger than the guess for the current marketing year. Month to month, the USDA increased demand expectations for feed and residual use and exports, and while the crop production estimate was also higher, that doesn’t factor in any damage from the recent storms.
Soybean ending stocks are seen at 610 million tons, a jump of 185 million on the month, with higher production cancelling out expectations for better crush and export demand. However, like corn, that will probably be lowered as early as next month.
U.S. wheat ending stocks got a little tighter at 925 million tons on a smaller crop and lower imports.
Globally, new crop supply estimates were up for corn and wheat, down for beans.
The 2020/21 marketing year for wheat started June 1st, while 2019/20 runs through the end of August for corn and soybeans and the end of September for soybean products.
The next set of supply and demand estimates is out September 11th.