USDA raises U.S. wheat stocks, lowers soybeans
The USDA raised the ending stocks projection for U.S. wheat, while lowering the estimate for soybeans and leaving corn unchanged on the month.
Wheat came out at 648 million bushels, up 20 million from January, with the USDA cutting expectations for food, seed, and export demand. The average estimated farm price for wheat is $7.30 per bushel, up $.15.
Soybeans are pegged at 325 million bushels, down 25 million following an increase in crush demand, possibly in response to a lower production estimate for Argentina, the world’s biggest exporter of soybean products. The average estimated farm price for beans is $13 per bushel, $.40 higher.
Corn ending stocks held at 1.54 billion bushels, unchanged, with no adjustments to the balance sheet. The average estimated farm price for corn is $5.45 per bushel, steady with last month.
Globally, corn, soybean, and wheat ending stocks were down from January.
The 2021/22 marketing year runs through the end of May for wheat and the end of August for beans and corn.
The USDA’s next set of supply and demand estimates is out Wednesday, March 9th.