WASHINGTON — The US Dept. of Agriculture, in its May 10 World Agricultural Supply and Demand Estimates report, the US corn carryover on Sept. 1, 2020, was projected at 2,485 million bus, up 390 million bus, or 19 percent, from 2,095 million bus as the forecast for 2019, which was raised 60 million bus, or 3percent, from the April projection.

Carryover in 2020 was based on 2019 projected corn production of 15,030 million bus, up 610 million bus, or 4.2percent, from 14,420 million bus in 2018, with feed and residual use in 2019-20 at 5,450 million bus, up 150 million bus from 2018-19, use for ethanol at 5,500 million bus, up 50 million bus, food, seed and other industrial use unchanged at 1,450 million bus, and exports at 2,275 million bus, down 25 million bus.

The USDA’s 2020 corn carryover was near the high end of trade expectations that averaged 2,142 million bus.

The soybean carryover on Sept. 1, 2020, was projected at 970 million bus, down 25 million bus from 995 million bus as the 2019 forecast, based on projected 2019 soybean production of 4,150 million bus, down 394 million bus, or 9percent, from 4,544 million bus in 2018, domestic crush in 2019-20 at a record 2,115 million bus, up 15 million bus from 2,100 million bus in 2018-19, seed use at 96 million bus, down 2 million bus, residual at 34 million bus, up 3 million bus, and exports at 1,950 million bus, up 175 million bus, or 10percent, from 1,775 million bus forecast for the current year.

The USDA 2020 soybean carryover was above the trade average expectation of 943 million bus.

Immediately after the report, Chicago wheat futures were slightly lower while corn and soy complex futures were narrowly mixed.