The major change today was a significant increase in ending stocks for U.S. soybeans this year. The USDA increased from 480 million bushels in the last report to 580 million bushels in this report, with an average trade estimate of around 500 million. Interesting that their first estimate for the ‘20/21 carry out for soybeans at 405 million bushels fell below the average trade estimate of 440 million bushels.
Worldwide ending stocks for corn and beans both increased for the 2019/2020 crop year
Details below:
| U.S. Ending Stocks | USDA | Average | ||
| 2019/2020 | USDA - MAY | Previous | Estimate | |
| CORN | 2.098 | 2.092 | 2.26 | Billion Bushels |
| SOYBEANS | 580 | 480 | 497 | Million Bushels |
| USDA | Average | |||
| 2020/2021 | USDA - MAY | Previous | Estimate | |
| CORN | 3.32 | N/A | 3.42 | Billion Bushels |
| SOYBEANS | 405 | N/A | 440 | Million Bushels |
| World Ending Stocks | USDA | Average | ||
| 2019/2020 | USDA - MAY | Previous | Estimate | |
| CORN | 314.7 | 303.2 | 306.5 | Million Metric Tons |
| SOYBEANS | 100.3 | 100.5 | 99.8 | Million Metric Tons |
| USDA | Average | |||
| 2020/2021 | USDA - MAY | Previous | Estimate | |
| CORN | 339.6 | N/A | 317.2 | Million Metric Tons |
| SOYBEANS | 98.4 | N/A | 104.2 | Million Metric Tons |
As of about 11:20, July corn is about unchanged, December corn is down 1. July soybeans are off about 2 and November beans are down 1.
