Market News

USDA raises domestic ending stocks

USDA’s increased its domestic ending stocks estimates for corn, soybeans, and wheat.

The Ag Department raised U.S. wheat ending stocks 50 million bushels to 704 million, cutting exports because of the recent slow pace of sales and shipments. The average farm price is seen at $7.75 to $8.45 per bushel, compared to $7.65 to $8.55 in October.

Corn ending stocks are pegged at 647 million bushels, 28 million more than last month, thanks to a bigger crop estimate and high feed use projection. The average farm price is estimated at $6.95 to $8.25 per bushel, compared to the month ago range of $7.10 to $8.50.

Soybean ending stocks came out at 140 million bushels, compared to 130 million a month ago, raising production while increasing the crush and export use categories. The average farm price is estimated at $13.90 to $15.90 per bushel, compared to October’s range of $14.25 to $16.25.