USDA WASDE: Corn Stocks Below Forecast, Soybeans Above
USDA's August WASDE pegged corn ending stocks at 1.653B bushels, below the 1.737B estimate, while soybean stocks came in above expectations at 320M bushels.
The latest USDA WASDE report showed U.S. corn ending stocks at 1.653 billion bushels, below the expected 1.737 billion and the prior 1.790 billion. Soybean ending stocks were put at 320 million bushels, above the 300 million estimate and the previous 310 million.
Total wheat ending stocks came in at 717 million bushels, slightly below the 720 million forecast and down from 722 million previously. Cotton ending stocks were reported at 4.00 million bales, essentially in line with the 3.99 million estimate and below the prior 4.10 million.
The mixed stock figures suggest tighter corn balances but a softer soybean picture relative to expectations.
Source: First Squawk