Few changes for corn, soybean ending stocks
The USDA made minor adjustments to corn and soybean ending stocks.
For the recently ended marketing year, corn carryout is projected at 1.452 billion bushels, slightly less than in August with a higher import estimate more than canceled out by a reduction in demand for ethanol use, partially due to uncertainties about demand.
That lower old crop ending stocks guess was outweighed by a higher 2023 U.S. corn production estimate, pulling new crop ending stocks higher on the month.
Old crop soybean ending stocks fell to 250 million bushels following a slight upward revision for exports.
The USDA did lower its outlooks for new crop crush and U.S. soybean exports due to competition from Argentina and Brazil, but new crop carryout was under a month ago because of a smaller production projection.
There were no changes to the U.S. balance sheet for wheat, leaving 2023/24 ending stocks at 615 million bushels, for now.
Globally, new crop wheat ending stocks were slashed on cuts in production for Argentina, Australia, Canada, and the European Union.
New crop world corn ending stocks were higher on bigger crops in the U.S. and Ukraine.
Global soybean ending stocks were down slightly on that smaller U.S. crop guess, with no changes for South America, except for an export increase for Brazil.
The USDA’s next set of supply and demand estimates is out October 12th.