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USDA lowers new crop corn, wheat ending stocks

The USDA tightened the balance sheets for corn and wheat while raising ending stocks for soybeans.

Corn carryout is pegged at 2.073 billion bushels, a cut of 26 million from July, but still potentially 206 million larger than last marketing year, with a higher production estimate and lower food, seed, and industrial use canceled out by an increase for exports.

Wheat is seen at 828 million bushels, a decrease of 28 million on the month primarily due to a reduction in production, but that would be 126 million more than the previous marketing year because of a year-to-year jump in crop size.

Soybean ending stocks are estimated at 560 million bushels, up 125 million following that increased production guess, which canceled out higher exports, and 215 million larger than the marketing year before because of that larger crop canceling out better projected demand.

Globally, new crop corn production was lower on cuts for the European Union, Russia, and Ukraine due to weather issues, while world wheat was higher as increases for Australia and Ukraine canceled out a lower guess for the E.U., and world soybean production was up sharply on increased U.S. expectations.

The USDA’s next set of supply, demand, and production numbers is out September 12th.

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