USDA sees larger new crop corn, soybean, wheat stocks

The USDA is projecting bigger new crop supplies for corn, soybeans, and wheat.

New crop corn ending stocks are seen at 2.102 billion bushels, 80 million more than the current marketing year, with sizable beginning stocks canceling out a smaller crop and continued strong ethanol and export demand.

Soybean ending stocks for the upcoming marketing year are pegged at 445 million bushels, 105 million above this marketing year, due to ample beginning stocks and a larger crop canceling out expectations for increased crush and export demand.

New crop wheat is estimated at 766 million bushels, 78 million above the soon-to-end marketing year, with the USDA projecting a big carryover and a larger crop, while also expecting improved exports.

The USDA’s current corn and soybean production numbers are based on the USDA’s March Prospective Plantings report and trend-line yields.

The new marketing year starts June 1st for wheat and September 1st for corn and soybeans.

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

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