The USDA projected tighter-than-expected wheat provides for the 2021-22 crop yr in its July World Agricultural Provide/Demand Estimates (WASDE) report launched on Monday.
Many of the different key figures in the report for the massive three crops — corn, soy, and wheat — had been in line with expectations, with yield projections left unchanged from June.
The brand new crop wheat ending inventory estimate was doubtless the largest shock, coming in at 665 million bushels, as manufacturing was minimize by 152 million bushels largely on account of the drought in the spring wheat rising area. The carry-out estimate was nicely under the typical pre-report commerce guess of 729 million and the USDA’s June estimate of 728 million.
For corn, outdated crop ending shares had been pegged at 1.082 billion bushels, whereas new crop ending shares had been projected at 1.432 billion bushels — each figures nicely inside the vary of the commerce’s expectations. The typical yield was left unchanged at 179.5 bushels per acre, with manufacturing rising by 75 million bushels based mostly on the USDA’s up to date acreage estimates from June thirtieth.
Soybean ending shares for each outdated crop and new crop had been left unchanged, at 135 million bushels and 155 million bushels, respectively. The typical soybean yield was additionally left unchanged till the August report at 50.8 bushels per acre.