Thanks to growing export demand and crop shortfalls in South America, U.S. stocks of old-crop and new-crop corn and soybeans are tightening, according to USDA. Wheat stocks, however, continue to soar.
Here are some of the key numbers from the June World Agricultural Supply and Demand Estimates report released Friday:
Corn: New-crop ending stocks are projected at 2.008 billion bu., which is just slightly less than the trade’s estimate of 2.125 billion bu. Exports for new crop were raised 50 million bu. due to weather woes in Brazil. USDA also reduced old-crop ending stocks because of stronger than expected export demand.
Soybeans: New-crop ending stocks are projected at 260 million bu., which is less than the trade estimate of 289 million bu. Old-crop ending stocks are projected at 370 million bu., which also lower than the trade estimate of 385 million bu. Crop shortfalls in South America are translating into more demand for U.S. soybeans.
Wheat: With ending stocks of 1.05 billion bu., wheat supplies are at a 29-year high, according to USDA estimates. Favorable growing conditions in the Great Plains are also expected to result in a big wheat crop this year, despite reduced acreage.