Allendale expecting tighter U.S. balance sheets
Many market analysts are projecting tighter domestic corn and soybean ending stocks ahead of next Tuesday’s USDA numbers.
Demand, especially export demand from China, has been a big feature during the first quarter of the marketing year for soybeans and corn, pulling carryout projections lower over the course of the past several months at a faster rate than almost any other marketing year.
Ahead of the report, Allendale Incorporated sees corn ending stocks at 1.434 billion bushels, down more than a quarter million from December and about a half a million lower than where the previous marketing year ended.
Allendale estimates soybean ending stocks at 153 million bushels, more than 20 million less than last month and roughly a fifth of last marketing year’s total.
More than halfway through its marketing year, Allendale has wheat ending stocks pegged at 852 million bushels, slightly less than the previous month and down 176 million from last marketing year.
The USDA will also be issuing final 2020 U.S. corn and soybean production totals, quarterly grain stocks, and winter wheat seeding.
The reports are all out Tuesday at Noon Eastern/11 Central.