USDA to raise US soybean and corn ending stocks in 2023/24 harvest | Agriculture

The United States Department of Agriculture (USDA) is expected to increase estimates for the nation’s ending stocks of corn and soybeans for the 2023/24 season. The monthly Global Supply and Demand report for June will be released this Friday (9/6).

For sorghum, analysts’ average estimate for the end of the next cycle is 57.25 million tonnes. In May, the company estimated volume at 56.44 million tonnes. In soybeans, the average estimate was for US ending stocks of 9.39 million tonnes, slightly higher than the 9.12 million tonnes posted last month.

For wheat, the country’s stock should reach 15.49 million tonnes. In May, the estimate was 15.13 million.

Manufactured in Brazil

Analysts also believe the USDA should raise estimates for corn and soybean production in Brazil. Projections point to an oilseed production of 155.42 million tonnes. In May, the USDA projected 155 million. The grain harvest is expected to be 130.93 million tonnes, slightly higher than last month’s forecast of 130 million tonnes.

For the soybean crop in drought-hit Argentina, analysts are betting on 24.74 million tonnes, down from the 27 million indicated in May. For corn affected by adverse weather, analysts are projecting a further cut in the USDA’s crop estimate to 35.74 million tonnes, down from the 37 million forecast in last month’s report.