Ahead of Wednesday’s USDA supply and demand update, analysts expect corn, soybean, and wheat ending stocks to be up from March but down from this time last year.
Via Dow Jones Newswires, the average of analysts’ estimates for corn ending stocks is 824 million bushels, beans are pegged at 137 million, and wheat is seen at 731 million bushels. In March, USDA reported corn ending stocks at 632 million bushels, soybeans at 125 million, and wheat at 716 million bushels. A year ago, corn was projected at 989 million bushels, soybeans at 169 million, and wheat at 743 million bushels.
USDA will also be updating world ending stocks estimates. On average, corn is expected to be around 120.2 million tons, soybeans are seen at 60.1 million tons, and wheat is pegged at 178.6 million tons.
Additionally, corn production for Argentina is projected at 25.7 million tons with soybeans at 50.6 million tons, while Brazil’s corn crop is seen at 72.9 million tons with soybeans at 82.8 million.
The report is out Wednesday, April 10 at Noon Eastern/11 AM Central.