USDA Oct 12 Supply/Demand Report Review

  • Report pretty much in line with market expectations – bearish soybeans, neutral corn and supportive wheat
  • USDA estimated US 2021/22 corn carryout at 1,500 mil bu vs 1,432 expected and 1,408 in Sep
  • USDA estimated US 2021/22 soybean carryout at 320 mil bu vs 300 expected and 185 in Sep
  • USDA estimated US 2021/22 wheat carryout at 580 mil bu vs 576 expected and 615 in Sep
  • USDA estimated US 2021 corn crop near 15,018 mil bu vs 14,973 expected and 14.996 in Sep
  • USDA estimated US 2021 soybean crop near 4,448 mil bu vs 4,415 expected and 4,374 in Sep
  • USDA estimated US 2021/22 soybean crush at 2,190 vs 2,180 in Sep. Exports 2,090 vs 2,090
  • USDA estimated US 2021/22 corn feed at 5,650 vs 5,700 in Sep. Exports 2,500 vs 2,454, ethanol 5,200 vs 5,200
  • USDA estimated US 2021/22 wheat food at 964 vs 964 in Sep. Feed 135 vs 160. Exports 875 vs 875
  • USDA estimated World 2021/22 corn carryout at 301 mmt vs 298 expected and 297 in Sep
  • USDA estimated World 2021/22 soybean carryout at 104 mmt vs 101 expected and 98 in Sep
  • USDA estimated World 2021/22 wheat carryout at 277 mmt vs 280 expected and 283 in Sep


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