10 February 2024, Houston: The US Department of Agriculture (USDA) is projecting higher corn and soybean ending stocks according to the February World Agricultural Supply and Demand Estimate (WASDE) report.
The monthly update offered few updates for both crops but did show that the current corn outlook is for lower usage and larger ending stocks.
Corn used for glucose and dextrose is being reduced 10m bushels based on indicated usage to date, and with no other use changes, the ending stocks are being projected to be up 10m bushels from last month.
The USDA said the season-average corn price received by producers is unchanged at $4.80 per bushel.
For soybeans, the outlook is for lower soybean exports and higher ending stocks with exports being forecasted at 1.72bn bushels, down 35m bushels from the January update.
The agency said this dip reflects the slow pace of shipments through last month and strong competition with Brazil.
With crush unchanged, ending stocks are now forecasted at 315m bushels, up 35m bushels.
The USDA said the season-average soybean price is now calculated at $12.65 per bushel, down 10 cents from the previous WASDE.
