China’s Hunger Means Smaller-Than-Expected Soy, Corn Stockpiles
- USDA corn projection 10% below forecast, while soy 19% under
- U.S. seen exporting more corn, soybean crush to hit a record
Photographer: Daniel Acker/Bloomberg
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Relentless Chinese demand and a recovery from the global pandemic will mean smaller-than-expected U.S. stockpiles of corn, wheat and soybeans.
Reserves at the end of next season are forecast to fall short of analysts’ expectation for the three crops, the U.S. Department of Agriculture said Friday in a report ahead of its Outlook Forum. Corn stockpiles are forecast 10% below expectations and soybeans will be 19% less than expected, according to the USDA. Wheat reserves also fell below the average forecast by 9.2%, with the carryout expected to be the lowest since the 2013-14 season.