MarketsFarm — Ahead of supply and demand estimates from the U.S. Department of Agriculture due out Friday, analyst Tom Lilja of Progressive Ag in Fargo, N.D. predicted increases in 2023-24 ending stocks for U.S. corn and soybeans and decline for wheat.
The average trade guess for wheat going into this month’s report was approximately 570 million bushels, he said, which is down roughly by 36 million from 2022-23.
“That’s likely given the drought stress the Kansas City winter wheat crop has gone through,” Lilja said.
Reports said the average trade estimates for 2023-24 corn ending stocks was at 2.25 billion bushels, up slightly from the 2.22 billion in May.
“A lot of that will be a cut in export projections,” Lilja noted.
As for new-crop soybeans, the analyst forecast ending stocks to be around 345 million bushels. That would make for a 10 million-bushel increase from last month.
— Glen Hallick reports for MarketsFarm from Winnipeg.
