USDA report snapshot: U.S. ending stocks rise from January

USDA showed soybean ending stocks rose 35 million bu. from January, while corn rose 10 million bu,. Meanwhile, 2023-24 global soybean carryover was notably higher than expectations.

usda
usda
(USDA)

U.S. Carryover

Corn – billion bushels

2022-23

2023-24

USDA

NA

2.172

Average est.

NA

2.146

USDA January

1.361

2.162

Soybeans – million bushels

2022-23

2023-24

USDA

NA

315

Average est.

NA

284

USDA January

268

280

Wheat – million bushels

2022-23

2023-24

USDA

NA

658

Average est.

NA

647

USDA January

580

648

Cotton – million bales

2022-23

2023-24

USDA

4.25

2.80

Average est.

NA

2.86

USDA January

4.25

2.90

Global Carryover

Corn – MMT

2022-23

2023-24

USDA

300.25

322.06

Average est.

NA

324.02

USDA January

300.56

325.22

Soybeans – MMT

2022-23

2023-24

USDA

103.57

116.03

Average est.

NA

112.48

USDA January

101.87

114.60

Wheat – MMT

2022-23

2023-24

USDA

271.21

259.44

Average est.

NA

260.48

USDA January

271.56

260.03

Cotton – million bales

2022-23

2023-24

USDA

82.97

83.70

Average est.

NA

84.37

USDA January

83.22

84.38