The Feb. 9 World Agricultural Supply and Demand Estimates (WASDE) report lowered U.S. corn ending stocks by 50 million bushels from last month, with exports raised 50 million bushels due to historically large corn purchases by China. The supply/demand balance pushed up USDA’s season-average corn price estimate by 10 cents/bushel.
Increased exports and lower stockpiles were also reported for U.S. soybeans, with ending stocks falling 20 million bushels from last month, to 120 million. If realized, USDA said soybean ending stocks would be down 77 percent from 2019/20 and the lowest since 2013/14. The supply/demand outlook for 2020/21 U.S. wheat was largely unchanged from last month.