The United States Department of Agriculture lowered its outlook for U.S. corn ending stocks in the Feb. 8 World Agricultural Supply and Demand Estimates report. For 2017-18, exports were raised by 125 million bushels, reflecting U.S. price competitiveness and reduced exports for Argentina and Ukraine, said the USDA. With no other use changes, the corn ending stocks are lowered 125 million bushels from last month.
U.S. soybean exports are projected at 2.1 billion bushels, down 60 million from last month, reflecting shipments and sales through January and increased export competition on larger supplies in Brazil. With soybean crush unchanged, soybean ending stocks are raised 60 million bushels to 530 million.
Soybean production for Brazil is projected at 112 million tons, up 2 million, as favourable weather throughout the growing season has raised yield prospects. Argentina production is reduced 2 million tons to 54 million on a lower harvested area and reduced yields resulting from periods of unseasonable warmth and dryness.
U.S. wheat ending stocks came in at 20 million bushels higher than January’s estimate. The report noted that higher food use is more than offset by lower exports, while export forecasts for several major competitors are increased. Stockpiles of Soft Red Winter Wheat were pegged at 228 million, down 3 million from the previous month.