News
USDA lowers U.S. corn, soybean ending stocks estimates
The USDA has tightened the domestic balance sheets for corn and soybeans, while raising wheat ending stocks slightly.
Corn came out at 1.44 billion bushels, down 100 million from February due to increased expectations for ethanol use and export demand. The average farm price is estimated at $5.65, up $.20.
Soybeans are seen at 285 million bushels, 40 million less than last month on a higher export projection. The average farm price is estimated at $13.25, $.25 higher.
Wheat ending stocks are expected to be 653 million bushels, 5 million more than a month ago with lower exports canceling out lower imports. The average farm price is estimated at $7.50, a gain of $.20.
Globally, the USDA also lowered corn and soybean ending stocks and raised the outlook for wheat supplies slightly. The USDA did reduce soybean production estimates for Argentina and Brazil and cut the projection for Argentina’s corn crop, while leaving Brazil unchanged.
The USDA says the report reflects their initial assessment of short-term impacts from Russia’s invasion of Ukraine, but longer-term outlooks are uncertain.
The next set of supply and demand numbers is out April 8th.
