USDA Estimates More Corn, Soybean Supplies Than Previous Forecast
U.S. corn and soybean supplies will remain above market estimates in the 2019-20 marketing year, the USDA said on Friday. According to Reuters, USDA pegged 2019-20 soybean ending stocks at 970 million bushels and corn stocks at 2.485 billion in its monthly supply and demand report. The May report was the first one to provide an outlook for the 2019-20 crop year, which starts on Sept. 1.
Analysts had been expecting 2019-20 ending stocks of 910 million bushels for soybeans and 2.131 billion bushels for corn, according to the average of estimates in a Reuters poll.
The government also raised its forecast for 2018-19 soybean stocks to a record 995 million bushels. A month ago, USDA estimated 2018-19 soybean ending stocks at 895 million bushels.
Corn ending stocks for 2018-19 were seen at 2.095 billion bushels, up from the April estimate of 2.035 billion bushels.
For 2018-19, analysts had predicted soybean ending stocks of 920 million bushels and corn stocks of 2.055 billion bushels.