Market News & Headlines >> USDA Expected to Lower Corn, Wheat Carryout Forecasts

USDA is expected to lower its projection for 2022/23 U.S. corn ending stocks in Wednesday morning’s monthly Supply/Demand update due to a smaller old-crop carry-in and lower U.S. production.

Projected 2022/23 wheat ending stocks are also expected to be lowered after USDA sharply cut its 2022 U.S. crop estimate in the Sept. 30 Small Grains Summary report. Projected 2022/23 soybean ending stocks could rise, though, due to a larger-than-expected old-crop carryout.

Pre-report expectations for the 2022/23 U.S. corn carryout average 1.124 billion bushels in a range from 1.015-1.300 billion bushels compared with USDA’s September estimate of 1.219 billion bushels, according to a Reuters News Service survey of 20 analysts.

Trade expectations for the 2022/23 U.S. soybean carryout average 248 million bushels in a range from 187-343 million bushels compared with USDA’s September forecast of 200 million bushels.

On average, Wednesday’s report is expected to peg 2022/23 U.S. wheat ending stocks at 554 million bushels, 56 million bushels below USDA’s September estimate of 610 million, with trade estimates ranging from 477-637 million bushels.