USDA has lowered its 2013/14 domestic corn and soybean ending stocks estimates, while raising the projection for wheat.
Corn ending stocks for the current marketing year are seen at 1.792 billion bushels, compared to 1.887 billion in November with increased export, food, and ethanol demand figures cancelling out a slight increase in the import guess. Before the report, the average estimate was 1.861 billion bushels, in a range of 1.737 billion to 2.013 billion. The average farm price is now seen at $4.05 to $4.75 per bushel.
Soybean ending stocks are pegged at 150 million bushels, compared to 170 million a month ago thanks to larger projected crush and export demand offsetting a modest increase for exports. Ahead of the numbers, analysts saw soybeans at 130 million to 170 million bushels, with an average of 154 million bushels. The average farm price is estimated at $11.50 to $13.50 per bushel.
Wheat ending stocks are expected to be 575 million bushels, compared to 565 million a month ago due to a bigger import estimate. Pre-report projections ranged from 505 million to 570 million bushels, with an average of 553 million. The average farm price is seen at $6.65 to $7.15 per bushel.
For 2012/13, corn ending stocks were 824 million bushels, soybeans were 141 million, and wheat totaled 718 million bushels.
Breakdown of selected supply and demand tables: