USDA raises U.S. soybean ending stocks estimates
The USDA has cut old crop U.S. corn ending stocks, while raising the outlook for soybeans.
Old crop corn ending stocks are seen at 1.107 billion bushels, down 150 million on the month due to increased demand for export and ethanol use. That pulled new crop corn ending stocks down to 1.357 billion bushels, with no other adjustments to the balance sheet.
Old crop soybean ending stocks came out at 135 million bushels, up 15 million, because of reduced domestic crush demand, which pushed the new crop ending stocks guess 15 million bushels higher to 155 million.
Wheat ending stocks for the recently ended marketing year were reported at 852 million bushels, 20 million less than in May following an increase in the export use guess. That lowered the new crop ending stocks guess to by 4 million bushels to 770 million, cancelling out a bigger crop production estimate.
Globally, the USDA reduced the corn production estimate and Brazil, while raising the projection for Brazil’s soybean crop. The USDA left old and new crop corn and soybean import estimates for China unchanged. The old and new crop soybean export guesses for Argentina and Brazil were steady, while old crop corn exports were down on the month, with new crop holding.
The 2021/22 marketing year for wheat started June 1st, 2021, while 2020/21 for corn and soybeans runs through the end of August.
The USDA’s next set of supply and demand estimates is out July 12th.