USDA report preview: U.S. corn, soybeans and wheat ending stocks may be lowered
– U.S. soybean ending stocks may be lowered by 55 million bushels
–U.S. corn ending stocks may be lowered by 64 million bushels
–U.S. wheat ending stocks may be lowered by 15 million bushels
WASHINGTON, March 8: The USDA will release its March supply and demand report at 12:00 EST on Wednesday (1:00 a.m. Beijing time on Thursday). Analysts on average expected the report to lower ending stocks for U.S. corn, soybeans and wheat.
Analysts on average expect U.S. soybean ending stocks in 2021/22 to be 270 million bushels, down from the 325 million bushels forecast by the U.S. Department of Agriculture in February, and analysts’ forecasts range from 182 million to 325 million bushels, according to a Wall Street Journal survey. U.S. soybean ending stocks for 2020/21 are 257 million bushels.
Analysts expect U.S. corn ending stocks for 2021/22 to be 1.476 billion bushels, down from the USDA forecast of 1.54 billion bushels in February. Analysts’ forecasts ranged from 1.35 billion to 1.54 billion bushels. U.S. corn ending stocks for 2020/21 are at 1.235 billion bushels.
Analysts expect U.S. wheat ending stocks for 2021/22 at 633 million bushels, also down from the USDA forecast of 648 million bushels in February. Analysts’ forecasts ranged from 598 million to 661 million bushels. U.S. wheat ending stocks for 2020/21 are at 845 million bushels.