The latest World Agriculture Supply and Demand Report released Tuesday lowered ending stocks for corn and soybeans, while increasing expected export sales.
In the report, corn exports were raised 50 million bushels, reflecting historically large purchases by China. With no other use changes, USDA lowered corn ending stocks 50 million bushels, as a result. The season-average corn price was raised ten cents to $4.30 per bushel.
Meanwhile, soybean exports are projected at 2.25 billion bushels, up 20 million from last month, reflecting record marketing-year exports through January and a slow start to Brazil’s export season. With soybean crush unchanged, soybean ending stocks were reduced 20 million bushels to 120 million. If realized, soybean ending stocks would be down 77 percent from 2019/20, and the lowest since 2013/14. The U.S. season-average soybean price for 2020/21 is forecast at $11.15 per bushel, unchanged from last month.
And, the supply and demand outlook for wheat is largely unchanged this month.