News

U.S. corn, wheat ending stocks down on month

The USDA has tightened the domestic balance sheets for corn and wheat.

Corn ending stocks are seen at 1.738 billion bushels, a drop of 200 million from November, with the USDA raising its export and ethanol use projections.

The wheat carryout is pegged at 795 million bushels, 20 million less than last month on an upward revision for exports.

U.S. soybean ending stocks held at 470 million bushels. The USDA did raise U.S. soybean oil exports due to strong global vegetable oil demand expectations.

Globally, the big changes were lower wheat production for Canada and the European Union, and a reduction in wheat exports for Russia, along with a higher soybean production guess for Argentina.

The USDA’s next set of supply, demand, and production numbers is out January 10^th.