Ahead of USDA’s supply and demand update out on the 9th, Allendale Inc. sees smaller domestic soybean and wheat ending stocks.
The McHenry, Illinois based analytical firm expects USDA to take bean stocks down 20 million bushels from January to 225 million bushels due to strong export and crush demand.
Wheat stocks are estimated at 961 million bushels, down 15 million from last month on improved export demand.
Allendale expects USDA to lower the corn export demand estimate, taking ending stocks up 25 million bushels to 1.789 billion bushels.
The numbers are out first thing Tuesday February 9.
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