USDA lowers U.S. soybean ending stocks guess

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USDA lowers U.S. soybean ending stocks guess

The USDA has cut domestic ending stocks projections for soybeans, while raising the outlooks for corn and wheat.

Old crop U.S. ending stocks for soybeans were down 30 million from May at 205 million bushels on an increased export guess, which also pulled new crop ending stocks 30 million bushels lower to 280 million.

The average 2021/22 farm price for soybeans is estimated at $13.35 per bushel, up $.10, with 2022/23 at $14.70, $.30 higher.

Old crop corn ending stocks are pegged at 1.485 billion bushels, with a 45 million bushel cut for exports cancelling out a 5 million bushel increase for food, seed, and industrial use. The USDA also raised food, seed, and industrial use for new crop corn, pushing new crop ending stocks 40 million bushels higher to 1.4 billion.

The average 2021/22 farm price for corn is estimated at $5.95 per bushel, up $.05, with 2022/23 at $6.75, unchanged.

New crop wheat ending stocks are seen at 627 million bushels, 8 million more than last month on an upward revision for winter wheat production.

The average 2021/22 farm price for wheat is estimated at $7.70 with 2022/23 at $10.75, both unchanged.

Globally, the most significant adjustments were for wheat, with increased production projections for the European Union and Russia, against a decrease for India’s crop.

The 2022/23 marketing year got underway June 1st, 2022 for wheat, while 2022/23 starts September 1st, 2022 for beans and corn and October 1st, 2022 for soybean products.

The USDA’s acreage totals and quarterly stocks numbers are out on the 30th, with the next set of supply and demand numbers due July 12th.

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