Allendale analysts expect U.S. corn and soybean ending stocks to be lowered

Foreign media April 7 news: The U.S. Department of Agriculture was due to release its April supply and demand report on Friday. Allendale analyst Ryan Etner believes that the USDA will lower the 2021/22 U.S. corn and Soybean ending stocks, wheat ending stocks may be raised.

Etner said that corn and soybean exports are in better shape, and the corn use data for the ethanol industry may be revised higher. The market averages 2021/22 U.S. corn ending stocks at 1.415 billion bushels, compared with USDA’s March forecast of 1.44 billion bushels.

Analysts on average expect soybean ending stocks at 262 million bushes, down from last month’s forecast of 285 million bushels. However, ending stocks for both soybeans and corn will be higher than last year’s levels, when corn stocks stood at 1.235 billion bushels and soybeans at 257 million bushels.

Part of the reason for the increase in U.S. agricultural exports is the Russian-Ukrainian conflict. The U.S. and other Western countries have imposed economic sanctions on Russia that have reduced Russian grain exports, while the Ukrainian military has shut down commercial operations at Black Sea ports since the conflict began.

Analysts also on average expect U.S. wheat ending stocks for 2021/22 at 656 million bushes, up slightly from the 653 million bushels forecast in March, but still below the 845 million bushels in the April supply and demand report last year.