USDA is offering a poor demand outlook in the supply/demand report. An additional 150 million bushels of corn was removed from next year’s export number, reducing the total to 1.9 billion bushels. That would be the lowest corn export figure since the 2014-2015 marketing year. USDA put ending stocks for corn at 1.9 billion bushels. U.S. soybean ending stocks came in at 460 million bushels, which was on the low end of trade expectations. U.S. wheat new crop ending stocks were adjusted upward to just over 1 billion bushels, which was on the high end of the trade guesses.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.