USDA expects lower wheat supplies, higher ending stocks of corn and higher soybean ending stocks. For 2023/2024 all wheat ending stocks are expected to be down 11 percent from last year at 556 million bushels. Corn ending stocks are up 805 million bushels from last year and if realized would be the largest corn supply since 2016/2017 at 6.7 billion bushels. The 2023/2024 soybean ending stocks are forecast at 4.75 billion bushels, up four percent from the current marketing year.
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