USDA raises soybean carryover
Dec. 14, 2017
by Matt Noltemeyer
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Soybean carryover on Sept. 1, 2018, was forecast at 445 million bus.
WASHINGTON – The US Dept. of Agriculture in its Dec. 12 World Agricultural Supply and Demand Estimates report raised its forecast for soybean carryover due to reduced exports and lowered its corn carryover based on increased use of corn for ethanol.
Soybean carryover on Sept. 1, 2018, was forecast at 445 million bushels, up 20 million bushels from November based on a 5-million-bushel increase in seed use more than offset by a 25-million-bushel reduction in exports at 2,225 million bushels. All other 2017-18 forecasts and 2016-17 estimates were unchanged with 2017 carryover at 301 million bushels.
Corn carryover on Sept. 1, 2018, was forecast at 2,437 million bus.
Corn carryover on Sept. 1, 2018, was forecast at 2,437 million bushels, down 50 million bushels, or 2 percent, from November but up 6 percent from 2,295 million bushels in 2017. The decrease resulted from a 50-million-bushel increase in use of corn for ethanol.
“Corn used to produce ethanol is raised 50 million bushels, based on increased sorghum export commitments, and the most recent data from the Grain Crushings and Co-products Production report, which estimated a lower-than-expected amount of sorghum used to produce ethanol during October,” the USDA said.
Corn and the soybean complex futures closed lower for Dec. 13.