{"id":2132,"date":"2019-05-17T17:28:30","date_gmt":"2019-05-17T09:28:30","guid":{"rendered":"https:\/\/www.agrinoon.com\/agriculture\/?p=2132"},"modified":"2019-05-17T17:28:30","modified_gmt":"2019-05-17T09:28:30","slug":"usda-says-grain-supplies-remain-massive-new-crop-year","status":"publish","type":"post","link":"https:\/\/www.agrinoon.com\/agriculture\/2019\/05\/17\/usda-says-grain-supplies-remain-massive-new-crop-year\/","title":{"rendered":"USDA says grain supplies to remain massive in new crop year"},"content":{"rendered":"<div><span style=\"color: #000000;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/img.agropages.com\/UserFiles\/FCKFile\/zkc_2019-05-17_08-05-30_585.jpg\" alt=\"\" width=\"600\" height=\"314\" \/><\/span><\/div>\n<p><span style=\"color: #000000;\"><em>The U.S. Department of Agriculture on Friday forecast bigger-than-expected domestic supplies of corn, soybeans and wheat, with outlooks for big harvests and export concerns underpinning the bearish stocks view. | File photo<br \/>\n<\/em><\/span><\/p>\n<div><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.usda.gov\/oce\/commodity\/wasde\/wasde0519.pdf\">The U.S. Department of Agriculture on Friday forecast bigger-than-expected domestic supplies of corn, soybeans and wheat,<\/a>\u00a0with outlooks for big harvests and export concerns underpinning the bearish stocks view.<\/span><\/div>\n<div><span style=\"color: #000000;\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000;\">Soybean futures fell to their lowest in more than a decade after the government data was released and wheat sank to its lowest since January 2018. Corn hit a 7-1\/2- month low.<\/span><\/div>\n<div><span style=\"color: #000000;\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000;\">\u201cWe\u2019re reacting negatively to a negative report,\u201d said Jack Scoville, analyst with the Price Futures Group. \u201cWe\u2019ll be done with this report in a few minutes and then we\u2019ll worry what\u2019s going on in Washington and how much corn and soybeans and wheat the government\u2019s going to have to buy to keep the farmer placated as we march forward into the 1970s and 1980s.\u201d<\/span><\/div>\n<div><span style=\"color: #000000;\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000;\">The government pegged U.S. corn ending stocks for the 2019-20 crop year at 2.485 billion bushels, which would be the biggest since 1987-88. It estimated corn production at 15.030 billion bushels, the second biggest ever, based on an average yield of 176.0 bushels per acre.<\/span><\/div>\n<div><span style=\"color: #000000;\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000;\">Corn ending stocks for 2018-19 were seen at 2.095 billion bushels, up from the April estimate of 2.035 billion bushels.<\/span><\/div>\n<div><span style=\"color: #000000;\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000;\">\u201cWe\u2019re swimming in grain.\u201d said Don Roose, president of U.S. Commodities. \u201cNow it\u2019s a matter of, as we\u2019re going into planting season, do we get some weather issues that change this. And we definitely need something positive to develop in exports.\u201d<\/span><\/div>\n<div><span style=\"color: #000000;\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000;\">Soybean ending stocks in 2019-20 were seen at 970 million bushels, down slightly from the record 985 million bushels expected in the 2018-19 crop year that ends on Aug. 31.<\/span><\/div>\n<div><span style=\"color: #000000;\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000;\">The outlook for the 2018-19 soybean ending stocks was 100 million bushels bigger than the government\u2019s April estimate and stemmed from a cut of 100 million bushels to its export outlook.<\/span><\/div>\n<div><span style=\"color: #000000;\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000;\">The government\u2019s May report was the first one to provide an outlook for the 2019-20 crop year, which starts on Sept. 1.<\/span><\/div>\n<div><span style=\"color: #000000;\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000;\">Analysts had been expecting 2019-20 ending stocks of 910 million bushels for soybeans and 2.131 billion bushels for corn, according to the average of estimates in a Reuters poll. For 2018-19, analysts had predicted soybean ending stocks of 920 million bushels and corn stocks of 2.055 billion bushels.<\/span><\/div>\n<div><span style=\"color: #000000;\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000;\">USDA estimated wheat ending stocks of 1.127 billion bushels in 2018-19, topping market expectations of 1.097 billion bushels, and 1.141 billion bushels in 2019-20, topping market expectations for 1.060 billion bushels.<\/span><\/div>\n<div>\n<div class=\"tl clearfix mt10\">\n<h4 class=\"p-source c-999 cb pt5\"><span style=\"color: #000000;\"><strong>Source<\/strong>:\u00a0<a class=\"c-orange fs16\" style=\"color: #000000;\" href=\"http:\/\/news.agropages.com\/Media\/MediaIndex-1050.htm\" target=\"_blank\" rel=\"noopener noreferrer\">Reuters<\/a><\/span><\/h4>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Department of Agriculture on Friday forecast bigger-than-expected domestic supplies of corn, soybeans and wheat, with outlooks for big harvests and export concerns underpinning the bearish stocks view. | File photo The U.S. Department of Agriculture on Friday forecast bigger-than-expected domestic supplies of corn, soybeans and wheat,\u00a0with outlooks for big harvests and export concerns&hellip; <a class=\"more-link\" href=\"https:\/\/www.agrinoon.com\/agriculture\/2019\/05\/17\/usda-says-grain-supplies-remain-massive-new-crop-year\/\">Continue reading <span class=\"screen-reader-text\">USDA says grain supplies to remain massive in new crop year<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-2132","post","type-post","status-publish","format-standard","hentry","category-industry-news","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>USDA says grain supplies to remain massive in new crop year - agrinoon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.agrinoon.com\/agriculture\/2019\/05\/17\/usda-says-grain-supplies-remain-massive-new-crop-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USDA says grain supplies to remain massive in new crop year - agrinoon\" \/>\n<meta property=\"og:description\" content=\"The U.S. Department of Agriculture on Friday forecast bigger-than-expected domestic supplies of corn, soybeans and wheat, with outlooks for big harvests and export concerns underpinning the bearish stocks view. | File photo The U.S. Department of Agriculture on Friday forecast bigger-than-expected domestic supplies of corn, soybeans and wheat,\u00a0with outlooks for big harvests and export concerns&hellip; 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