Today at 11 a.m. the USDA released their latest World Ag Supply and Demand Estimates (WASDE). As expected, ending stocks for the 2020/21 U.S. corn crop dropped significantly, as they trimmed production by almost 1 billion bushels. This is due to the reduction in Acres in their June 30th report. They also adjusted total usage by almost 200 million with a reduction to feed. They are now projecting 2.685 billion bushels of ending stocks at the end of next summer vs. their previous estimate of 3.3 billion.
For the current 2019/20 crop year, they increased ending stocks from their June report by 145 million bushels. This is now projected at 2.248 billion bushels vs. 2.103 previously. These changes are being viewed as bearish and corn is down about 7 cents as of 11:30.
For soybeans, the changes were not nearly as dramatic, but 2019/20 ending stocks were increased to 620 million vs. 585 previously. Ending Stocks for 2020/21 climbed as well, up 30 million to 425 million, but pretty much in line with expectations. As of about 11:30 a.m. soybeans are down 4 cents for the day.
There were no changes to the expected yield in this report. See graphic for more info.