USDA cuts U.S. corn, wheat ending stocks

The USDA has tightened its domestic balance sheets for corn and wheat, while leaving soybean ending stocks unchanged from November.

The corn carryout for the current marketing year is now pegged at 2.131 billion bushels with wheat seen at 659 million bushels, both down 25 million on the month on higher export demand projections following a recent uptick in U.S. sales.

Soybean ending stocks remained at 245 million bushels.

Globally, the USDA lowered its soybean production outlook for Brazil because of widespread planting delays, while also raising Brazil’s export projection, reflecting the strong demand from China, which saw an increase in its soybean import guess.

No changes to soybeans for Argentina or adjustments for South American corn.

World wheat production was above a month ago with upward revisions for Australia and Canada, with higher export estimates for those nations and Ukraine.

The 2023/24 U.S. marketing year got underway June 1st for wheat and September 1st for corn and soybeans.

The USDA’s next set of supply and demand estimates is out January 12th.

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