“Corn exports are projected 25 million bushels higher on stronger world imports and the rising pace of shipments in recent weeks. Continued strong export sales also support the higher figure,” the USDA said.
US soybean carryover on Sept. 1, 2014, was projected at 145 million bushels, down 5 million bushels from the February projection but up 4 million bushels from 2013.
The USDA corn carryover was below the average trade expectation of 1,487 million bushels, and the USDA soybean number was above the trade average of about 141 million bushels.
World corn ending stocks in 2013-14 were projected at 158.47 million tonnes, up 1.17 million tonnes, or 1 percent, from 157.3 million tonnes in February and up 23.8 million tonnes, or 18 percent, from 134.67 million tonnes in 2012-13.
World soybean ending stocks for 2013-14 were projected at 70.64 million tonnes, down 2.37 million tonnes from February but up 12.85 million tonnes, or 22 percent, from 57.79 million tonnes in 2012-13.
CME Group corn, soybean, wheat and oats futures prices, as well as Minneapolis and Kansas City wheat futures, traded lower to sharply lower around midday after the WASDE report.