24/25 soybean ending stocks up, wheat down, corn steady

The USDA raised the new crop ending stocks projection for soybeans, while lowering wheat and leaving corn unchanged.

The 10 million bushel month-to-month rise for the 2024/25 soybean carryout to 455 million bushels followed a 10 million bushel reduction in 2023/24 crush to 2.29 billion bushels, with no other changes to either balance sheet.

2024/25 wheat ending stocks were down 8 million bushels to 758 million with an increase for export demand, up 25 million bushels to 800 million, canceling out a higher winter wheat production guess, with the total crop now seen at 1.875 billion bushels, compared to 1.858 billion a month ago.

Old and new crop corn ending stocks had no adjustments, holding at 2.022 billion for 2023/24 and 2.102 billion for 2024/25.

Globally, the USDA lowered soybean production for Brazil slightly, down 1 million tons to 153 million, with no changes for South American corn or Black Sea wheat.

The USDA’s next round of supply and demand estimates is out July 12th.

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