Big changes in U.S. soybean stocks, global corn

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The USDA raised its U.S. soybean ending stocks projection, while tightening the balance sheet for corn and wheat.

The soybean carryover is now projected at 955 million bushels, up 70 million on the month, with a lower production guess and higher crush more than canceled out by a cut in exports as the tariff battle continues with China. The USDA also lowered its outlooks for seed and residual use. The average 2018/19 farm price is estimated at $7.60 to $9.60 per bushel, compared to October’s range of $7.35 to $9.85 and the estimated 2017/18 average of $9.33.

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