(WASHINGTON D.C.)– On Friday, USDA pegged both old and new crop U.S. corn ending stocks well below trade estimates while also providing a much larger U.S. wheat ending stocks estimate.
According to the latest USDA WASDE report for July, U.S. old crop corn ending stocks came in at 1.877 billion bushels while new crop corn ending stocks came in at 2.097 billion bushels. Soybean stocks were pretty much as expected at 345 million bushels for old crop and 435 million bushels for new crop. U.S. wheat ending stocks came in at 856 million bushels, well above trade expectations of 788 million bushels.
Brazilian corn and soybean production was left unchanged while Argentine corn and soybean production was trimmed slightly. Russian wheat production was also left unchanged at 83 million metric tons.
View the full July WASDE Report here: https://www.usda.gov/oce/commodity/wasde
Stay tuned for report recap and market analysis with Arlan Suderman, Chief Commodities Economist at StoneX:
