USDA hikes new crop corn, soybean ending stocks

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USDA hikes new crop corn, soybean ending stocks

The USDA increased new crop ending stocks estimates for corn and soybeans, largely due to higher old crop carryout and production numbers.

Corn ending stocks are seen at 1.5 billion bushels, up 92 million from September, with those higher old crop ending stocks and production guesses, along with lower feed and food use and a slight increase in exports. The average farm price for corn of $5.45 per bushel was unchanged on the month.

Soybean ending stocks are pegged at 320 million bushels, a jump of 135 million bushels due to bigger carryout and production, cancelling out slightly higher crush use. The average farm price for soybeans of $12.35 per bushel was down $.55 from the previous estimate.

Wheat ending stocks came out at 580 million bushels, 35 million less than last month, with a smaller crop and lower imports against a cut in feed use. The average farm price for wheat is $6.70 was up a dime from a month ago.

Globally, the USDA boosted corn and soybean ending stocks, while cutting the carryout for wheat. Corn and soybean production outlooks for Brazil were unchanged, remaining at record levels, with the soybean guess for Argentina was slightly lower and corn was steady. For wheat, the most significant adjustments were a downward revision for Canada against a modest upward change for the European Union.

The USDA’s next set of supply, demand, and production numbers is out Tuesday, November 9th at Noon Eastern/11 Central.

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