News

USDA increases U.S. corn, soybean, wheat carryout

The USDA raised domestic ending stocks projections for corn, soybeans, and wheat.

The wheat carryout for the current marketing year is seen at 628 million bushels, up 30 million from December due to lower feed and export demand, but the USDA did raise the average estimated farm price a dime to $7.15 per bushel.

Corn ending stocks are pegged at 1.54 billion bushels, 47 million more than last month with higher production and lower exports cancelling out a bigger corn for ethanol use guess.

The average estimated farm price for corn was unchanged at $5.45 per bushel.

Soybean ending stocks are projected 350 million bushels, 10 million above a month ago due to an increase in crop size, with the average estimated farm price jumping $.50 to $12.60.

Globally, the USDA raised wheat ending stocks and production slightly, while lowering ending stocks and production for beans and corn, mostly because of decreased expectations for crops in Argentina and Brazil.

The current marketing year started June 1st, 2021 for wheat and September 1st, 2021 for beans and corn.

The USDA’s next set of supply and demand estimates is out February 9^th.