ARLINGTON, Va., – US corn stockpiles are projected to grow sharply by the end of the 2020/21 marketing year, while soybean stocks are expected to tighten, the US Department of Agriculture (USDA) said on Friday.
The corn crop was forecast to rise by 12.9 percent to 15.460 billion bushels, based on an average yield of 178.5 bushels per acre, the USDA said.
Ending stocks for the 2020/21 crop year were pegged at 2.637 billion bushels, up 39.4 percent over the previous marketing year.
Corn exports are expected to rise to 2.1 billion bushels, up from 1.725 billion.
For soybeans, the USDA estimated the crop at 4.195 billion bushels, 17.9 percent higher than the previous marketing year, with plantings recovering from last year’s weather-related drop.
Ending stocks were seen falling to 320 million bushels, down 105 million bushels from a year earlier. — Reuters
