USDA raises corn ending stocks, lowers soybeans

The USDA has raised the ending stocks projection for U.S. corn, while lowering the carryover guess for soybeans.

Corn ending stocks are seen at 1.342 billion bushels, up 75 million bushels from February, on a cut in exports, which have been slower than expected during the first half of the marketing year. The average 2022/23 farm price for corn is estimated at $6.60 per bushel, down $.10 from last month.

Soybeans are pegged at 210 million bushels, potentially the lowest in seven years, down 15 million with an increase in exports because of better-than-expected shipments, which canceled out a reduction in the domestic crush guess. The average 2022/23 farm price for soybeans is estimated at $14.30, unchanged on the month.

There were no changes to the domestic balance sheet for wheat. The average 2022/23 farm price for wheat is estimated at $9.00, steady with a month ago.

Globally, the USDA slashed corn and soybean production outlooks for Argentina due to drought and raised the wheat production estimate for Australia.

The current marketing year started June 1st, 2022 for wheat and September 1st, 2022 for corn and soybeans.

The USDA’s next set of supply and demand numbers is out April 11th.

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