USDA tightened the old crop balance sheets for corn and soybeans.
Corn ending stocks were 25 million bushels below last month, with the USDA increasing food, seed, and industrial use expectations. Soybean were down 10 million bushels, with a lower domestic crush guess cancelling out an increased export demand estimate. With less than a month left in its current marketing year, wheat ending stocks were unchanged.
New crop ending stocks projections for corn, soybeans, and wheat were below most pre-report expectations, but do not reflect slower than average corn and soybean planting and recent damage to the winter wheat crop.
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|World Agricultural Supply and Demand Estimates Report (WASDE)|
The World Agricultural Outlook Board (WAOB) serves as USDA’s focal point for economic intelligence and the commodity outlook for U.S. and world agriculture. The Board coordinates, reviews, and approves the monthly World Agricultural Supply and Demand Estimates (WASDE) report, houses OCE's Joint Agricultural Weather Facility, and coordinates USDA's Agricultural Outlook Forum.