USDA report preview: global soybean, corn and wheat ending stocks may be lowered
——Global corn ending stocks may be lowered by 2.6 million tons
——Global soybean ending stocks may be lowered by 3.9 million tons
——Global wheat ending stocks may be lowered by 200,000 tons
Washington, March 8: The U.S. Department of Agriculture will release its March supply and demand report at 12:00 ET on Wednesday (1:00 a.m. Beijing time on Thursday). Analysts expect the report to lower global ending stocks of corn, soybeans and wheat.
Analysts on average expect global corn ending stocks in 2021/22 to be 299.6 million tons, down from the USDA forecast of 302.2 million tons in February, according to a Wall Street Journal survey. Analysts forecast a range of 293 million to 302.2 million tonnes. Global corn ending stocks for 2020/21 are 292.1 million tons.
Analysts expect global soybean ending stocks for 2021/22 to be lowered to 88.9 million tons, down from the USDA forecast of 92.8 million tons in February. Analysts’ forecasts range from 86.3 million to 92 million tons. By comparison, soybean ending stocks for 2020/21 are 100.4 million tons.
Analysts on average expect global wheat ending stocks for 2021/22 at 278 million tons, down from the USDA forecast of 278.2 million tons in February. Analysts’ forecasts ranged from 275.6 million to 280 million tons. Stocks for 2020/21 stood at 289.9 million tonnes.