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USDA leaves U.S. corn, soybean, wheat ending stocks unchanged

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The USDA made no changes to its domestic supply and demand estimates. Ending stocks for U.S. corn, soybeans, and wheat held from November, but the USDA did raise its average expected farm prices. The Ag Department raised world ending stocks estimates, expecting bigger production from a number of nations, including some key export competitors.

The USDA’s next set of supply and demand estimates is out January 12th, along with the final 2016 U.S. corn and soybean production numbers.

Breakdown of supply and demand tables for selected commodities:

2016/17 U.S. wheat ending stocks are projected at 1.143 billion bushels, unchanged from November and up from the 2015/16 carryout of 976 million. No changes were made to the balance sheet. The average 2016/17 farm price is estimated at $3.60 to $3.80 per bushel, compared to $3.50 to $3.50 last month and $4.89 last marketing year.

2016/17 U.S. corn ending stocks are seen at 2.403 billion bushels, steady with a month ago and up from the 1.738 billion at the end of the last marketing year. There were no changes to the balance sheet for corn. The average 2016/17 farm price is estimated at $3.05 to $3.65 per bushel, compared to November’s range of $3.00 to $3.60 and the 2015/16 average of $3.61.

2016/17 U.S. soybean ending stocks are pegged at 480 million bushels, unchanged from last month and up from the 197 million for the previous marketing year. There were changes to the soybean supply and demand tables. The average 2016/17 farm price is estimated at $8.70 to $10.20, compared to $8.45 to $9.95 a month ago and $8.95 last marketing year.

World wheat ending stocks are projected at 252.14 million tons, up 2.91 million on the month, with production now seen at 751.26 million tons, an increase of 6.54 million. USDA raised production estimates for Australia, Brazil, Canada, China, and the European Union. Domestic feed and export use estimates were also up from November.

World corn ending stocks are expected to be 222.25 million tons, up 4.06 million from the prior guess, with production of 1.040 billion tons, 9.2 million larger than last month. Month to month, the USDA raised outlooks for Brazil, Canada, the European Union, the dozen smaller former Soviet states, and Southeast Asia. The USDA upped domestic feed and export estimates as well.

World soybean ending stocks are expected to be 82.85 million tons, 1.32 million more than in November, with production of 338 million tons, up 1.91 million. Production estimates for South America were left unchanged, as was the Chinese import projection. Soybean exports for Argentina were lowered 250,000 tons to 9 million and Brazil held at 58.4 million.

USDA World Agricultural Supply and Demand Estimates PDF

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