The 2015-2016 marketing year for corn and soybeans ended on August 31. The question is, how much of each commodity was used during the marketing year? The USDA Quarterly Grain Stocks report on September 30 will reveal the total consumption of the two commodities and the amount of grain stocks available for use in the 2016-2017 marketing year. University of Illinois Ag Economist Darrell Good said available data is showing soybean consumption exceeding the 3.889 billion bushel forecast in the August World Agricultural Supply and Demand Estimates Report. Good reports that soybean consumption has exceeded the USDA’s August projection due to a strong pace of overseas exports.
USDA predicted marketing year exports at 1.88 billion bushels. Good says, based on current data, he is predicting export use at 1.939 billion bushels, which is 59 million bushels more than what was projected and 97 million bushels more than the record-setting exports of the previous year.
Source: NAFB News Service