USDA on Friday slightly lowered its estimates for global ending stocks of corn and soybeans as well as its forecast for U.S. corn supplies.
In its latest monthly World Agricultural and Supply Demand Estimates report, USDA estimated global ending stocks of soybeans at 114.21 million metric tons for the 2023-24 marketing year, down from the 114.51 million metric tons forecast in November.
For wheat, the department reduced its projection for 2023-24 global ending stocks by a half million tons to 258.2 million tons, the lowest level in eight years.
USDA slightly raised its forecast for corn ending stocks to 315.22 million tons, up from 314.99 million projected in November. However, the estimate for U.S. ending corn stocks was lowered from 54.75 million tons to 54.12 million.
The new forecasts for global corn and soybean supplies were higher than the trade had expected, according to Reuters, but the wheat estimate was lower.
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Citing the lower forecast for wheat stocks, USDA raised its estimate for the average farm-gate wheat price by 10 cents a bushel to $7.30. Estimated farm prices for corn and soybeans were left unchanged at $4.85 and $12.90 a bushel respectively.
In a separate report Friday, the UN Food and Agriculture Organization’s gauge of global food commodity prices was unchanged in November as higher prices for vegetable oils, dairy products and sugar offset price decreases for grains and meat.
The FAO Food Price Index averaged 120.4 points last month, the same as October but down 10.7% from November 2022.
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