WASDE: Corn, Wheat Stocks Above Estimates; Soybeans, Cotton Tight
USDA’s global ending-stock figures showed corn and wheat above consensus, while soybeans and cotton came in below expectations.
The latest WASDE global ending-stock figures showed corn at 275 million, above the consensus estimate of 273 million and unchanged from the previous month. Wheat also came in at 273 million, above the 271 million estimate and steady versus the prior reading.
Soybean ending stocks were 124 million, slightly below the 125 million expected and unchanged from the previous figure. Cotton was 70 million, below both the 71 million estimate and the prior 71 million.
The prints leave a mixed supply picture: larger-than-expected corn and wheat inventories may weigh on those grains, while tighter soybean and cotton stocks could provide support.
Source: First Squawk