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Corn stocks cut in USDA WASDE report

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MarketsFarm — Corn ending stocks in the U.S. are forecast to be tighter than earlier expectations for both old- and new-crop, according to the U.S. Department of Agriculture’s world agricultural supply and demand estimates (WASDE) released Thursday.

USDA projects 2021-22 ending stocks for corn to be at 1.357 billion bushels, a 150 million-bushel or 10 per cent decline from May’s estimate of 1.507 billion. The same 150 million-bushel decrease was also found in the 2020-21 carryout, which decreased from 1.257 billion bushels to 1.107 billion. The tighter stocks came in below average pre-report estimates.

Projected increases of 75 million bushels each in exports and the amount of corn used for ethanol during the 2020-21 crop year were the two primary reasons for the decrease in ending stocks, the report explained. Planting and harvesting estimates, as well as estimates for other uses, were unchanged from May.

USDA slightly lowered its estimate for world ending corn stocks by 2.9 million tonnes from May, to 289.4 million.

Estimates for 2021-22 wheat ending stocks in the U.S. slightly decreased this month, reduced by four million bushels to 770 million. While the old-crop carryout estimate declined by 20 million to 852 million, the production estimate was raised by 26 million to 1.898 billion. World ending stocks for wheat were estimated to total 297 million tonnes, down from May’s estimate of 295 million.

USDA’s projected ending stocks for soybeans in 2021-22 increased from 140 million bushels in May to 155 million in June. Old crop carryout also increased by 15 million bushels from 120 million to 135 million due to a lower crush forecast for 2020-21. The June estimate for world ending soybean stocks was up slightly from May, increasing from 91.1 million tonnes to 92.6 million.

— Adam Peleshaty reports for MarketsFarm from Stonewall, Man.

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