USDA lowers U.S. corn, soybean ending stocks
The USDA has lowered domestic ending stocks projections for corn and soybeans.
Corn ending stocks are seen at 1.502 billion bushels, larger than expected but still down 50 million on the month because of an increase in exports. Soybeans are pegged at 120 million bushels, close to pre-report estimates and 20 million less than last month, also on an increase in exports. The U.S. wheat balance sheet was unchanged from January, with ending stocks at 836 million bushels.
Globally, corn ending stocks were up modestly, with no changes for South America, but the USDA did raise the import guess for China. World soybean ending stocks were slightly lower, also with no changes to South American production or exports. World wheat ending stocks were slashed, but production was up modestly, even with no adjustments to crop estimates for Russia, Ukraine, Canada, or Australia.
Just after the numbers were released, soybean futures moved down from the session highs, while corn and wheat turned lower.
The USDA’s next set of supply and demand estimates is out March 9th.