WASHINGTON, D.C., U.S. — The U.S. Department of Agriculture, in its Oct. 11 World Agricultural Supply and Demand Estimates report, raised its projected 2019 corn, soybean and wheat carryover from September.
Corn carryover on Sept. 1, 2019, was projected at 1.813 billion bushels, up 39 million bushels, or 2.2%, from the September forecast but down 327 million bushels, or 15%, from 2.140 billion bushels as the 2018 estimate, which was raised 138 million bushels, or 7%, from September.
Soybean carryover on Sept. 1, 2019, was projected at 885 million bushels, up 40 million bushels, or 4.7%, from September and up 102% from 438 million bushels as the 2018 estimate, which was raised 43 million bushels, or 10%, from the September estimate.
Mostly minor changes were made in the wheat supply-and-demand balance sheet, with most adjustments related to changes in prior USDA Grain Stocks and Small Grains Summary reports. The carryover of all wheat on June 1, 2019, was projected at 956 million bushels, up 21 million bushels, or 2.3%, from the September projection but down 143 million bushels, or 13%, from 1.099 billion bushels in 2018.
On a wheat-by-class basis, hard red winter wheat carryover on June 1, 2019, was projected at 424 million bushels, up 15 million bushels from September based on a 5-million-bushel decline in domestic use and a 10-million-bushel drop in exports. Soft red winter carryover was projected at 170 million bushels, down 3 million bushels from last month as an 8-million-bushel reduction in total supply was partially offset by a 5-million-bushel drop in domestic use. Hard red spring wheat carryover was forecast at 261 million bushels, up 9 million bushels from September based on a like increase in total supply. White wheat carryover was projected at 57 million bushels, down 8 million bushels from September based on a 10-million-bushel increase in exports only partially offset by a 2-million-bushel increase in total supply. Durum carryover was raised 8 million bushels to 44 million bushels based on a like increase in total supply.
The USDA 2019 carryover projections for corn and all wheat were below the average of trade expectations, but the soybean forecast was above the trade average.