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USDA ups U.S. corn, soybean, wheat ending stocks

The USDA has increased ending stocks projections for U.S. corn, soybeans, and wheat modestly.

Corn ending stocks are expected be 1.267 billion bushels, 25 million more than in January on a reduction in the ethanol use estimate, while leaving the average estimated farm price unchanged at $6.70 per bushel.

Soybeans are seen at 225 million bushels, 15 million higher than a month ago due to a lower crush use guess, which also lowered the soybean meal and oil production projections. The average U.S. farm price for soybeans is pegged at $14.30 per bushel, up a dime.

Wheat ending stocks came out at 568 million bushels, up 1 million from last month with minor adjustments for food and seed use, with an average farm price of $9 per bushel, down $.10.

On the global side of the ledger, the USDA raised expectations for wheat in Australia and Russia, while leaving Brazil’s corn and soybean crops unchanged and lowering outlooks for soybeans and corn in Argentina.

Export projections were up for corn and beans for Brazil, down for corn and beans from Argentina, and higher for Ukrainian corn, and for wheat coming out of Australia, the European Union, Russia, and Ukraine.

The current marketing year started June 1st, 2022 for wheat and September 1st, 2022 for corn and soybeans.

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

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