Glacier FarmMedia | MarketsFarm — Corn ending stocks in the United States will be tighter than earlier projections due to increased exports and demand from ethanol producers, according to updated supply/demand estimates from the U.S. Department of Agriculture released Dec. 10. The projected wheat carryout was also revised lower, while soybean stocks were unchanged.
U.S. 2024/25 corn ending stocks were forecast at 1.738 billion bushels, down by 200 million from the November estimate and 22 million bushels below the 2023/24 carryout. Corn production was left unchanged at 15.143 billion bushels. Corn exports were raised by 150 million bushels from November at 2.475 billion bushels, while usage in ethanol production was 50 million bushels higher on the month at 5.500 billion.
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World corn ending stocks were also revised lower, falling by 7.70 million tonnes from the November estimate at 296.44 million tonnes.
Projected U.S. wheat ending stocks were down by 20 million from November at 795 million bushels. That compares with 695 million the previous year. U.S. wheat exports were raised to 1.998 billion bushels, from 1.973 billion the previous month and 1.815 billion in 2023/24.
World wheat ending stocks for the current marketing year were estimated at 257.88 million tonnes, up from 257.57 million in November.
The production and usage numbers for U.S. soybeans were left unchanged, with forecasted ending stocks steady on the month at 470 million bushels. That compares with 342 million bushels at the close of the 2023/24 marketing year.
Global soybean ending stocks for 2024/25 were up by 130,000 tonnes from November at 131.87 million tonnes.
The world numbers included an upward revision to Argentina’s soybean crop, now at 52.0 million tonnes from 51.0 million tonnes in November. Corn production in the South American country was left unchanged at 51.0 million tonnes, while Brazilian production numbers were also unchanged with 169.0 million tonnes of soybeans and 127.0 million tonnes of corn.
