MarketsFarm — Projected ending stocks for soybeans and corn in the United States for the current marketing year were left unchanged by the U.S. Department of Agriculture in its latest monthly supply/demand report (WASDE) — coming as a surprise to market participants who had generally anticipated downward revisions to the carryout numbers.
USDA left 2022-23 U.S. soybean ending stocks unchanged at 210 million bushels. Average trade estimates had been for tightening stocks below 200 million. World soybean carryout was upped to 100.29 million tonnes by the government agency, from 100.01 million in March.
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U.S. corn ending stocks were also left unchanged at 1.342 billion bushels, surprising trade who had anticipated a downward revision. World corn carryout of 295.35 million tonnes was down by 1.1 million from March, in line with expectations.
South American production estimates saw some minor revisions, with Brazil’s 2022-23 soybean crop upped by one million tonnes, now at 154 million. Meanwhile, Argentina’s soybean production was lowered to 27 million tonnes by USDA, from 33 million in March.
Argentina’s corn crop was pegged at 37 million tonnes by USDA, down by three million from March. Brazil’s corn crop was left unchanged at 125 million tonnes.
For wheat, U.S. ending stocks were estimated at 598 million bushels, which would be up by 30 million from the March report and at the high end of trade expectations. The world wheat carryout was down by 2.15 million tonnes, at 265.05 million.
