News

USDA tightens U.S. corn, soybean ending stocks

Lower production estimates contributed to tighter 2019/20 ending stocks projections for U.S. corn and soybeans.

The USDA currently has corn ending stocks at 1.929 billion bushels, down 261 million on the month, with a lower production guess, tighter beginning stocks, and higher feed use against lower ethanol and export demand. The average farm price was up $.20 from September at $3.80 per bushel.

Soybean ending stocks were slashed to 460 million bushels on smaller production and beginning stocks estimates, along with a higher crush use guess. The average farm price is now seen at $9 per bushel, $.50 more than a month ago.

Wheat ending stocks were up 29 million bushels on the month at 1.043 billion with a smaller crop and higher beginning stocks against lower food, feed, and export demand. The average farm price is pegged at $4.70, down $.10 from last month.

The USDA made minimal changes to the global balance sheets, tightening ending stocks for corn and soybeans, while raising the outlook for wheat.

The USDA’s next set of supply and demand estimates is out November 8th.

The current marketing year started June 1st for wheat and September 1st for soybeans and corn.