Market News & Headlines >> USDA Seen Lowering 2023/24 Corn, Soy Ending Stocks

USDA is expected to lower its forecasts for 2023/24 U.S. corn and soybean ending stocks in Friday’s Supply/Demand report due to smaller-than-expected production.

On average, the grain trade expects USDA to peg the 2023/24 U.S. corn carryout at 2.167 billion bushels, 95 million bushels or 4.2% below its July projection of 2.262 billion, with trade expectations ranging from 1.961 billion bushels to 2.358 billion bushels, according to a Bloomberg News survey.

Trade expectations for the U.S. soybean carryout average 263 million bushels, 38 million bushels or 12.7% below USDA’s July forecast of 300 million, with trade expectations ranging from 191-313 million bushels.

USDA is not expected to change its 2022/23 corn and soybean carryout estimates significantly with the marketing year drawing to a close.

Trade expectations for the old-crop corn carryout average 1.410 billion bushels in a range from 1.277-1.457 billion compared with USDA’s July forecast of 1.402 billion bushels.  Pre-report expectations for the old-crop soybean carryout average 252 million bushels in a range from 220-276 million, compared with USDA’s July forecast of 255 million.