(WASHINGTON D.C.) — USDA pegged lower than expected ending stocks for both corn and soybeans on it’s latest monthly report.
On Monday, USDA released the latest World Agricultural Supply and Demand Estimates for the month of May and showed corn ending stocks at 1.800 billion bushels, that was down from the pre-report average estimate of 2.020 billion bushels. For soybeans, they show ending stocks at 295 million bushels, lower than pre-report expectations of 362 million bushels.
Corn production came in at 15,820 million bushels and soybean production at 4,340 million bushels. The corn number was slightly higher than average estimates while the soybean number was slightly lower. The all-wheat production estimate came in higher than expected as well at 1,921 million bushels, beating out pre-report estimates of 1,885 million bushels.
Other notes from this month’s WASDE report include corn feed usage rising from 5.75 billion up to 5.9 billion bushels. Corn exports came in at 2.600 billion bushels, up from the previous estimate of 2.550 billion. USDA also raised soybean exports to 1.850 billion bushels, up 25 million from last month’s estimate.
View the report here: https://www.usda.gov/about-usda/general-information/staff-offices/office-chief-economist/commodity-markets/wasde-report
Comments and reaction below from Arlan Suderman, Chief Commodities Economist at StoneX in the Market Talk Midday Commentary: