Corn ending stocks down 105 million bushels
By Diego Flammini, Farms.com
The United States Department of Agriculture released their World Agricultural Supply and Demand Estimates (WASDE) report for May 2015 that gave updates on how current crops could perform, but this report also gave farmers a first glance at how successful crops may be for the 2015/2016 season.
Corn
The USDA’s pre-report corn estimates for May’s WASDE was 1.86 billion bushels and 190 million metric tonnes (MMT) both up from the 1.827 billion bushels and 188.46 MMT described in the April WASDE.
The May WASDE reported corn ending stocks to be around 1.851 billion bushels and 192.5 MMT.
Early 2015/2016 corn estimates are at 1.746 billion bushels, representing around 191.9 MMT.
Corn is currently selling for about $3.60 per bushel.
Soybeans
According to the pre-report, soybean estimates were at 0.36 billion bushels and 89.8 MMT, compared to April’s WASDE that reported 0.37 billion bushels of soybeans at 89.5 MMT.
May’s WASDE came in showing soybean ending stocks at 0.35 billion bushels, equalling 85.5 MMT.
As far as soybeans go for 2015/2016, early estimates show a substantial increase to 0.50 billion bushels and 96.2 MMT.
Soybeans are currently selling around $9.61 per bushel.
Wheat
April’s WASDE report showed all wheat coming in around 0.684 billion bushels and 197.2 MMT.
May’s pre-report numbers estimated an ending stock of 0.692 billion bushels and 197.4 million metric tonnes.
The actual numbers from the May WASDE came in above that with 0.709 billion bushels and 201 MMT of wheat.
Wheat production for 2015/2016 is estimated at 2.087 billion bushels and as of now, wheat is selling for about $4.84 per bushel.
Join the conversation and tell us your thoughts about the May 2015 WASDE report and the early estimates for 2015/2016.