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USDA raises U.S. corn, wheat ending stocks estimates

USDA tightened the old crop and new crop balance sheets for soybeans, while raising projections for corn and wheat.

2016/17 U.S. wheat ending stocks are pegged at 1.184 billion bushels, compared to 1.161 billion in June’s report and 976 million for 2015/16. USDA raised imports and exports a little, while slashing feed and residual use. The average 2016/17 farm price is estimated at $3.89 a bushel, compared to $3.90 a month ago and $4.89 a year ago. The 2016/17 marketing year for wheat ended June 1st.

2017/18 U.S. wheat ending stocks are seen at 938 million bushels, compared to 924 million last month. On the supply side, beginning stocks and imports were bigger, while production was smaller. On the demand side, USDA lowered feed and residual use and exports. The average 2017/18 farm price is estimated at $4.40 to $5.20 per bushel, compared to $3.90 to $4.70 in June.

2016/17 U.S. corn ending stocks came out at 2.370 billion bushels, compared to 2.295 billion a month ago and 1.737 billion a year ago. USDA The only change was a reduction in the feed and residual use guess. The average 2016/17 farm price is estimated at $3.25 to $3.45 per bushel, unchanged from last month and down from the average of $3.61 last marketing year.

2017/18 U.S. corn ending stocks are projected at 2.325 billion bushels, compared to 2.110 billion in June. USDA raised expectations for beginning stocks, production, and feed and residual use. The average 2017/18 farm price is estimated at $2.90 to $3.70 per bushel, compared to $3.00 to $3.80 a month ago.

2016/17 U.S. soybean ending stocks are expected to be 410 million bushels, compared to 450 million last month and 197 million last marketing year. USDA raised crush and export projections. The average 2016/17 farm price is estimated at $9.50 a bushel, compared to $9.55 in June and $8.95 for 2015/16.

2017/18 U.S. soybean ending stocks are pegged at 460 million bushels, compared to 495 million a month ago. USDA lowered beginning stocks, while raising the production guess. The average 2017/18 farm price is estimated at $8.40 to $10.40, compared to $8.30 to $10.30 last month. USDA also lowered the 2016/17 biodiesel use projection, while leaving 2017/18 unchanged.

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