Market News & Headlines >> USDA Expected to Raise Ending Stocks Estimates

USDA is expected to raise its forecasts for 2023/24 corn, soybean and wheat ending stocks slightly when it releases its June Supply/Demand report on Friday.

Pre-report trade estimates of the 2023/24 corn carryout average 2.237 billion bushels in a range from 2.030-2.370 billion bushels, compared with USDA’s May forecast of 2.222 billion bushels, according to a Bloomberg News Survey of 26 grain analysts.

USDA is also expected to raise its estimate of the 2022/23 U.S. corn carryout due to slower-than-expected demand, with trade estimates of old-crop ending stocks averaging 1.452 billion bushels in a range from 1.392-1.550 billion bushels compared with USDA’s May estimate of 1.417 billion.

Pre-report expectations for the 2023/24 U.S. soybean carryout average 341 million bushels in a range from 308-364 million bushels compared with USDA’s May forecast of 335 million.  Expectations for the 2022/23 soybean carryout average more than 221 million bushels in a range from 220-240 million bushels compared with USDA’s May estimate of 215 million.

Trade expectations for the 2023/24 U.S. wheat carryout average 566 million bushels in  range from 525-627 million bushels compared with USDA’s May estimate of 556 million. Pre-report estimates of the 2022/23 wheat ending stocks average roughly 603.5 million bushels in a range from 592-643 million compared with USDA’s May estimate of 598 million bushels.