Market News

USDA may raise grain and oilseed ending stocks

Ahead of Friday’s USDA supply and demand update, analysts see bigger new crop ending stocks for corn, soybeans and wheat.

The average of analysts’ estimates for new crop corn is 1.567 billion bushels, compared to 1.090 billion in June on expectations for a significant increase in the corn production projection. The range of estimates runs from 1.290 billion to 1.828 billion bushels. Old crop stocks are projected at 1.692 billion bushels, in a range of 1.600 billion to 1.850 billion, compared to June’s 1.600 billion and the 2007/08 carryout of 1.624 billion bushels.

Soybeans are seen at 229 million bushels, modestly higher than June’s estimate of 210 million on a small rise in the production estimate when compared to corn. Analysts’ projections range from 115 million to 384 million bushels. For old crop, the average guess is 107 million bushels, with estimates ranging from 86 million to 130 million, compared to 110 million last month and 205 million last year.

Wheat’s pegged at 693 million bushels as the winter wheat harvest moves on. June’s report had 2009/10 wheat ending stocks at 647 million bushels and estimates range from 589 million to 776 million bushels.

USDA will also be revising old and new crop world supplies.

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