Allendale sees larger supply of corn, wheat
Ahead of the next set of USDA supply and demand estimates, Allendale Inc. expects increased corn and wheat stocks with soybeans holding unchanged on the month.
The McHenry, Illinois based analytical firm sees corn ending stocks at 652 million bushels, up 50 million from January on reduced ethanol and export demand projections. Allendale also anticipates more upward revisions as the marketing year goes on.
Wheat ending stocks are pegged at 747 million bushels, 31 million larger than a month ago due to slow exports.
Soybean ending stocks are estimated at 135 million bushels, unchanged from last month with no changes to the balance sheet.
A year ago at this time, domestic corn ending stocks were 989 million bushels, soybeans totaled 169 million bushels, and wheat ending stocks were 743 million bushels.
Additionally, Allendale’s projecting slight month to month increases for world corn, soybean, and wheat ending stocks.
The numbers are out Friday, February 8 at Noon Eastern/11 AM Central.
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