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Old crop corn, soybean ending stocks up on month
The USDA made a month-to-month increase in old crop corn and soybean ending stocks.
The corn carryover for the current marketing year is estimated at 1.53 billion bushels, up 20 million from July on a cut in ethanol use, while new crop ending stocks came out at just under 1.388 billion bushels, down 82 million due to lower production and higher feed use canceling out reduced exports.
Old crop soybean ending stocks are seen at 225 million bushels, 10 million more than a month ago because of lower exports, with new crop at 245 million bushels, 15 million higher, with a bigger crop production outlook mostly canceling out expectations for improved export demand.
U.S. wheat ending stocks came out at 610 million bushels, 29 million less than last month with upward revisions in production, food use, and exports.
Globally, USDA lowered production estimates for European corn and wheat and wheat in Argentina and India due to weather, while raising wheat projections for Australia, Canada, Russia, and China.
The current marketing year for wheat started June 1st and the new marketing year for soybeans and corn kicks of September 1st.
The USDA’s next set of supply and demand numbers is out September 12th.
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