News

USDA raises new crop corn ending stocks

The USDA tightened its outlook for the domestic new crop carryover for soybeans, while raising projections for corn and wheat.

Soybean ending stocks for the next marketing year are expected to be 755 million bushels, down 40 million from July, with higher beginning stocks and lower exports canceled out by a smaller crop production guess. The average 2019/20 farm price is estimated at $8.40 per bushel, compared to $8.40 a month ago and $8.50 for 2018/19.

Corn ending stocks are seen at 2.181 billion bushels, up 171 million from July, on a bigger crop production estimate, higher beginning stocks, lower exports, and lower ethanol use. The average 2019/20 farm price for corn is estimated at $3.60 per bushel, compared to $3.70 last month and $3.60 for the soon to end marketing year.

Wheat is pegged at 1.014 billion bushels with an increase in crop size against higher feed and export demand projections. The average 2019/20 farm price is estimated at $5.00 per bushel, compared to $5.20 in July and $5.16 at the end of 2018/19.

Globally, soybean ending stocks were also down on the month, the USDA did lower the soybean import estimate for China, while corn and wheat stocks were up.

The current marketing year for wheat started June 1st, while the new marketing year for beans and corn starts September 1st.