USDA is expected to make further small cuts to its estimates of U.S. ending stocks for corn, soybeans and wheat due to continued strong demand when it releases its monthly supply/demand update on Friday.
Trade estimates of U.S. corn ending stocks average 1.411 billion bushels in a range of 1.338-1.463 billion bushels, compared with USDA’s January estimate of 1.438 billion bushels, according to a survey taken by Dow Jones Newswires.
USDA could boost its estimate of U.S. corn exports a bit further after seeing very strong export sales the past three weeks.
Estimates of the U.S. soybean carryout average 167 million bushels in a range from 150 million to 175 million, versus USDA’s January estimate of 175 million bushels.
USDA might possibly boost projected soybean exports by another 10 million bushels or so as export sales remain well ahead of the pace needed to reach the current export projection of 995 million bushels.
Trade estimates of U.S. wheat endings stocks average 274 million bushels in a range of 237-292 million, against USDA’s January estimate of 292 million bushels.
USDA may have to tighten its estimate of U.S. spring wheat ending stocks in light of strong demand, which is partly due to extensive blending of high protein spring wheat with lower quality HRW winter wheat.
Editor’s note: Richard Brock, The Corn And Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.