USDA leaves corn, soybean ending stocks unchanged
The USDA raised U.S. wheat ending stocks while leaving corn and soybeans unchanged on the month.
U.S. wheat ending stocks are seen at 598 million bushels, up 16 million from November, but still well below last marketing year, with USDA lowering both the import and export outlooks.
There were no adjustments to the balance sheets for either corn or soybeans, holding at 1.493 billion and 340 million bushels, respectively, with the USDA’s final 2021 production totals out in January.
World corn and wheat ending stocks were up modestly, while soybeans were down slightly.
The USDA did increase wheat production for Australia, Canada, the European Union, and Russia, and corn for Ukraine but left South American corn and soybean crop estimates unchanged.
The USDA’s next set of supply, demand, and production numbers is out January 12th.