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Allendale sees bigger corn and soybean ending stocks

Ahead of Friday’s USDA supply and demand update, Allendale Inc. expects bigger crop production estimates leading to larger new crop ending stocks.

Allendale has this year’s corn crop at 12.288 billion bushels, which would be the second largest ever, up more than 350 million from the USDA’s June estimate, and puts soybeans at 3.26 billion bushels, an increase of 66 million bushels from the most recent USDA guess.

New crop corn stocks are pegged at 1.35 billion bushels, almost 270 million more than the last USDA figure and soybeans are placed at 285 million bushels, 70 million more than in June’s report.

Old crop corn and soybean stocks are expected to remain unchanged from June at 1.600 billion bushels and 110 million bushels, respectively. Allendale has old crop wheat at 667 million bushels, down 2 million from June.

Allendale pegs winter wheat at 1.527 billion bushels, up modestly from June, taking new crop ending stocks to 695 million bushels. Allendale has the total wheat crop at 2.078 billion bushels with other spring at 468 million and durum at 83 million bushels.

USDA will also be revising old and new crop world ending stocks.

The numbers are due out Friday, July 10 at 7:30 AM Central.

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