Very few changes were made to domestic corn inventories in the February World Supply and Demand Estimates (WASDE) report. Ethanol demand was elevated by 50 million bushels, but an equal decrease was made to exports. This left carryout unchanged at 1.89 billion bushels.
Soybean ending stocks decreased by 50 million bushels as a 50 million bushel increase in exports was forecast. This will give the U.S. a projected 425 million bushel carryout.
The USDA is expecting corn to average $3.85 for this marketing year, soybeans at $8.75 and wheat at $4.55. The only change in these was a 25-cent reduction on soybeans.
Changes to the global numbers mirrored the domestic ones. World corn ending stocks decreased 1 million metric tons to 296.8 million metric tons. Soybean ending stocks were bumped up to 98.9 million metric tons due to a larger Brazilian crop being predicted. Global wheat reserves were steady at 288 million metric tons.