Market News

USDA lowers soybean ending stocks

USDA has tightened the balance sheets for soybeans, while leaving old and new crop corn ending stocks unchanged on the month.

For the current marketing year, soybean ending stocks were trimmed 5 million bushels to 125 million bushels, on an increase in domestic crush demand, and new crop is seen at 325 million bushels following that reduction for old crop.

Old crop corn stayed at 1.146 billion bushels and new crop was unchanged at 1.726 billion.

USDA made no changes to its corn and soybean production estimates.

This year’s winter wheat crop is pegged at 1.38 billion bushels, down 2% from the May projection and 10% less than last year. New crop ending stocks jumped to 574 million bushels on lower export and feed use estimates.

The next set of supply and demand numbers are out July 11.