USDA Increases Corn, Soybean, Wheat Ending Stocks

Last week’s World Agricultural Supply and Demand Estimates (WASDE) report showed increased ending stocks for corn, soybeans and wheat. USDA raised its domestic old crop corn ending stocks by 35 million on the month, with expectations for reduced imports due to a cut in exports.

Domestic soybean ending stocks were pegged at 15 million bushels higher than in May because of the prediction of lower exports. Due to a higher winter wheat production projection, USDA raised wheat ending stocks by 6 million to 562 million. Outside of the U.S., USDA hiked up Brazil’s corn estimate while lowering the country’s soybean outlook as well as Argentina’s corn and soybean outlook.

Read more on the latest WASDE report here.