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New crop U.S. corn, soybean carryout up on month

The USDA raised new crop U.S. corn and soybean ending stocks estimates due to higher production projections, but the department did increase outlooks for some key demand components.

Corn ending stocks are seen at 1.408 billion bushels, up 166 million on the month on higher beginning stocks and production, but the USDA did raise exports a little bit and while feed and ethanol use were unchanged from August, they are expected to be above last marketing year. The average corn price is estimated at $5.45 per bushel, a drop of $.30 from August, but $1 above the previous marketing year.

U.S. soybean ending stocks came out at 185 million bushels, up 30 million from last month, with increases for beginning stocks and production and reduced crush use cancelling out a lower imports and higher exports. The average price for soybeans is estimated at $12.90 per bushel, down $.80 on the month, but up $2 on the marketing year.

Wheat ending stocks were reported at 615 million bushels, 12 million under last month due to lower imports and higher food use. The average price for wheat is estimated at $6.60 per bushel, a dime less than a month ago, but $1.55 more than a year ago.

The 2021/21 marketing year got underway June 1st for wheat and September 1st for beans and corn.

The next set of supply and demand estimates is out October 12th.

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