Market News & Headlines >> USDA Seen Cutting 2017/18 Carryout Estimates

Thursday’s monthly Supply/Demand report from USDA is expected to show lower corn, soybean and wheat carryout forecasts for 2017/18, due to cuts in expected production and old-crop ending stocks. 

Trade estimates of the 2017/18 U.S. corn carryout average 1.940 billion bushels in a range from 1.642-2.324 billion, compared with USDA’s July forecast of 2.325 billion bushels, according to a survey of 29 analysts by Bloomberg News. Pre-report estimates of the 2016/17 crop carryout average 2.363 billion bushels in a range from 2.315-2.436 billion compared with USDA’s July forecast of 2.370 bushels.  

Pre-report expectations for 2017/18 U.S. soybean ending stocks average 433 million bushels in a range from 423-572 million compared with USDA’s July projection of 460 million bushels. Expectations for the 2016/17 carryout averaged 399 million bushels in a range from 285-430 million bushels, compared with USDA’s July estimate of 410 million. USDA could raise old-crop U.S. exports based on continued strong export shipments. 

Trade estimates of the 2017/18 U.S. wheat carryout average 902 million bushels in a range from 806-948 million bushels compared with USDA’s July forecast of 938 million bushels.