WASDE: Corn stocks ‘well above consensus’
The 2019-20 U.S. corn outlook is for larger production and beginning stocks and increased ending stocks, according to last week’s World Agricultural Supply and Demand Estimates (WASDE).
However, analysts are waiting for the USDA’s August crop production report, due out August 12, for a more definitive look at corn acreage and yield.
U.S. 2019-20 corn ending stocks are projected at 2.01 billion bushels. The level was well above the consensus estimate of 1.663 billion bushels, according to analysts at J.P. Morgan. For old crop, 2018-19...
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