There are not many changes in today’s WASDE report. The USDA made no changes to the U.S. ending stocks for corn, leaving them at 1.892 billion bushels. They did decrease soybeans by 50 million bushels and are now estimating U.S. ending stocks at 425 million bushels.
They adjusted World Ending Stocks by reducing corn almost one million metric tons (MMT) and increasing soybean ending stocks by over 2 MMT. This is mostly due to an increase of 2 MMT in expected Brazilian soybean production. See below for complete details.
| 2019/20 U.S Carryout (Billion Bushels) | |||
| FEB 2020 | JAN 2020 | CHANGE | |
| CORN | 1.892 | 1.892 | 0 |
| SOYBEANS | 0.425 | 0.475 | -0.050 |
| WHEAT | 0.940 | 0.965 | -0.025 |
| 2019/20 World Carryout (Million Metric Tons) | |||
| FEB 2020 | JAN 2020 | CHANGE | |
| CORN | 296.840 | 297.810 | -0.97 |
| SOYBEANS | 98.860 | 96.670 | +2.19 |
| WHEAT | 288.030 | 288.080 | -0.05 |
| 2019/20 South American Production (Million Metric Tons) | |||
| FEB 2020 | JAN 2020 | CHANGE | |
| ARGENTINA CORN | 50.0 | 50.0 | 0 |
| ARGENTINA SOYBEANS | 53.0 | 53.0 | 0 |
| BRAZIL CORN | 101.0 | 101.0 | 0 |
| BRAZIl SOYBEANS | 125.0 | 123.0 | +2.0 |
