The USDA raised the new crop ending stocks projection for soybeans, while lowering wheat and leaving corn unchanged.
The 10 million bushel month-to-month rise for the 2024/25 soybean carryout to 455 million bushels followed a 10 million bushel reduction in 2023/24 crush to 2.29 billion bushels, with no other changes to either balance sheet.
2024/25 wheat ending stocks were down 8 million bushels to 758 million with an increase for export demand, up 25 million bushels to 800 million, canceling out a higher winter wheat production guess, with the total crop now seen at 1.875 billion bushels, compared to 1.858 billion a month ago.
