Higher U.S. wheat carryover expected
World Grain Staff
KANSAS CITY, MISSOURI, U.S. — Traders expect 2014 carryover forecasts to be raised for wheat but lowered for corn and soybeans in the U.S. Department of Agriculture’s (USDA) April 9 World Agricultural Supply and Demand Estimates report.
A survey by Dow Jones Newswires showed traders expect an average wheat carryover on June 1, 2014, of 581 million bushels, up from 558 million bushels forecast by the USDA in March and compared with 718 million bushels in 2013.
The survey showed a trade average of 1.403 billion bushels for corn carryover on Sept. 1, 2014, down from the USDA’s March forecast of 1.456 billion bushels but above 2013 carryover of 821 million bushels.
The trade expects the USDA to forecast Sept. 1, 2014, soybean carryover at 139 million bushels, down from 145 million bushels in March and 141 million bushels in 2013.
The survey also revealed the trade expects the USDA to slightly reduce from March its forecasts of global carryover for wheat to 183.7 million tonnes, for corn to 157.9 million tonnes and for soybeans to 70.3 million tonnes.
While the April WASDE typically is not a market-moving report, the trade closely will watch to see if the USDA reduces its forecast of U.S. wheat exports, which have been running behind the pace needed to achieve the department’s March forecast of 1.175 billion bushels in 2013-14.
The USDA WASDE report is scheduled to be released at 11a.m. Central Time April 9.