News

USDA lowers U.S. corn, soybean ending stocks estimates

2016/17 U.S. wheat ending stocks are projected at 1.186 billion bushels, compared to 1.143 billion in December and 976 million at the end of 2015/16. The month to month increase was because of a lower feed and residual use estimate. The average 2016/17 farm price is projected at $3.75 to $3.85 per bushel, compared to $3.60 to $3.80 last month and $4.89 last year.

2016/17 U.S. corn ending stocks were pegged at 2.355 billion bushels, compared to 2.403 billion a month ago and 1.737 billion a year ago. The supply estimate was down on lower production and beginning stocks, but held at nearly 17 billion bushels. Higher ethanol and food, seed, & industrial use projections canceled out a lower feed & residual use guess. The average 2016/17 farm price is estimated at $3.10 to $3.70 per bushel, compared to $3.05 to $3.65 in December and $3.61 for 2015/16.

2016/17 U.S. soybean ending stocks are seen at 420 million bushels, compared to 480 million last month and 197 million last marketing year. Production and imports were both down slightly, lowering supply to just over 4.5 billion bushels. Exports and total demand were left unchanged. The average 2016/17 farm price is estimated at $9 to $10 per bushel, compared to $8.70 to $10.20 a month ago and $8.95 a year ago.