Monday, December 12th 2016
The USDA made no changes to its domestic supply and demand estimates. Ending stocks for U.S. corn, soybeans, and wheat held from November, but the USDA did raise its average expected farm prices. The Ag Department raised world ending stocks estimates, expecting bigger production from a number of nations, including some key export competitors. The USDA’s next set of supply and demand estimates is out January 12th, along with the final 2016 U.S. corn and soybean production numbers. 2016/17 U.S. wheat ending stocks are projected at 1.143 billion bushels, unchanged from November and up from the 2015/16 carryout of 976 million. 2016/17 U.S. corn ending stocks are seen at 2.403 billion bushels, steady with a month ago and up from the 1.738 billion at the end of the last marketing year. 2016/17 U.S. soybean ending stocks are pegged at 480 million bushels, unchanged from last month and up from the 197 million for the previous marketing year.