News
USDA reduces soybean ending stocks estimate
The USDA has lowered its U.S. soybean ending stocks projection.
Just a quarter into the marketing year, the soybean carryout is now seen at 175 million bushels, down 15 million on the month because of higher crush demand and, if realized, the tightest supply in seven marketing years. The USDA didn’t make any changes to the soybean export estimate despite the fast pace of sales and the month to month reduction was smaller than what some were expecting heading into the report.
U.S. corn ending stocks were unchanged with no adjustments to the balance sheet and wheat ending stocks were down modestly on decreased imports and increased exports.
Globally, the USDA cut soybean and corn ending stocks slightly, lowering production outlooks for Argentina but leaving Brazil unchanged, and reduced the world carryover for wheat on increased demand expectations.
The 2020/21 marketing year started June 1st for wheat, September 1st for corn and soybeans, and October 1st for soybean products.
The USDA’s next set of supply and demand estimates is out January 12th, along with the final 2020 production totals for corn and soybeans.
