Today’s USDA supply and demand estimates increased old crop ending stocks of U.S. corn, wheat and soybeans. No adjustments were made to the 2019 corn and soybean planted acres numbers, and the yield estimates for those crops are very close to record-high levels.
The biggest surprise in USDA’s production estimates for the six major wheat-exporting countries wasn’t that prospects look much better than last year’s drought-reduced crops, it was the magnitude of the forecast increase for the EU at 16.8 MMT. That seems aggressive today. While still very early, conditions also remain very dry across most of West Australia and the Canadian Prairies. As a result, wheat seeding has barely gotten underway.
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