USDA cuts corn, soybean, wheat supply outlooks
The USDA has lowered ending stocks outlooks for U.S. corn, soybeans, and wheat.
The corn carryout was lowered 150 million bushels to 1.552 billion because of a smaller 2020 production total cancelling out decreases in expectations for feed, food, ethanol, and export demand.
Soybeans were cut 35 million bushels to 140 million, on a lower 2020 production total and higher crush and export demand cancelling out higher imports.
Wheat was down 26 million bushels on the month at 836 million following increases in feed and seed use.
The USDA also lowered corn production for Argentina and Brazil because of weather and raised the corn import guess for China, while reducing soybean production for Argentina, but leaving Brazil’s crop and imports by China unchanged.
Soybeans, corn, and wheat futures had very bullish initial reactions to the numbers.