Estimates of U.S. and global wheat ending stocks were increased by the USDA in its latest report. USDA cited higher production estimates in Australia and a slowdown of U.S. -origin exports. USDA made only small tweaks to corn and soybean ending stocks numbers.
U.S. ending stocks for wheat were cut by 50 million bushels, reflecting the slow pace of exports so far this year. Ending stocks were estimated at 754 million bushels.
Corn ending stocks for the U.S. were left unchanged from November’s estimate at 647 million bushels. The trade expected a small increase.
And for soybeans, USDA cut ending stocks 10 million bushels to 130 million bushels, citing an increase in domestic crush. The move trimmed the stocks-to-use ratio to 4.3 percent from 4.6 percent in November.