USDA expects lower Corn and Soybean stocks in the US due to increased exports

The United States Department of Agriculture, in its monthly report on estimates of world agricultural supply and demand, projected ending corn stocks for the 2020/21 marketing year at 1.502 million bushels. and soybeans at 120 million bushels.

The totals compare with the January forecast of 1.552 million bushels of corn inventories and 140 million bushels of soybeans.

Analysts had expected the report to show ending stocks of corn of 1.392 million and soybeans of 123 million, according to the average of estimates from a Reuters survey.

Crop estimates for the three grains in the United States were unchanged for 2020/2021.

The US agency cut its forecast for world ending stocks of wheat this season to 304.22 million tonnes from 313.19 million.

Global corn ending stocks will also be less abundant than estimated, 286.53 million tonnes, and world soybean inventories this agricultural year will reach 83.36 million tonnes, from 84.31 million tonnes forecast a month ago. .

In South America, the USDA unchanged its forecast for Brazil’s 2020/2021 soybean crop at 133 million tonnes; and it also maintained its outlook for corn production at 109 million tons.

The US government report projected that Argentina will harvest 48 million tons of soybeans and 47.5 million tons of corn in the current cycle.