Here are the key numbers from Tuesday’s World Agricultural Supply and Demand Estimates from USDA.
Corn: While production may be up by 110 million bushels in 2016/17, according to USDA, so are exports and usage. The agency projects old-crop ending stocks at 1.7 billion bushels, which is slightly below the average trade expectation of 1.806 billion. USDA’s new-crop ending stocks estimate of 2.081 billion bushels also proved to be lower than the average trade forecast of 2.205 billion bushels.
Soybeans: Despite record acreage, a rise in exports and crush are keeping soybean supplies where the trade expects. USDA projects new-crop soybean ending stocks of 290 million bushels, which is just slightly more than the average trade guess of 287 million bushels. Old-crop ending stocks are projected at 350 million bushels, which is slightly less than the average trade guess of 352 million bushels.
Wheat: While wheat exports were raised to 925 million bushels, the highest in three years, wheat stocks continue to climb. USDA projects ending wheat stocks of 1.105 billion bushels, the highest level since the 1988/89 crop year. However, that was slightly less than the trade’s expectation of 1.107 billion bushels.