WASHINGTON — The U.S. Department of Agriculture (USDA) in its Dec. 9 World Agricultural Supply and Demand Estimates report forecast the carryover of wheat in the U.S. on June 1, 2016, at 911 million bushels, unchanged from the November forecast, and up 158 million bushels, or 21%, from 753 million bushels in 2015 and the highest since 2009-10.
The USDA 2016 wheat carryover number was below the average of trade expectations at 917 million bushels.
The unchanged 2016 wheat carryover forecast was part of an unchanged wheat balance sheet in December compared with the previous month. The USDA said, by class, the “only changes are a 10-million-bushel increase in 2015-16 hard red winter exports that is offset by a 10-million-reduction in hard red spring exports.” Total exports remained at levels that were the lowest since 1971-72.
World wheat ending stocks were forecast at a record 229.86 million tonnes for 2015-16, up from 227.3 million tonnes projected in November and up from 212 million tonnes in 2014-15. Global wheat production was forecast at 734.93 million tonnes, up from 732.98 million tonnes in November and the third consecutive record, the USDA said.
U.S. corn carryover on Sept. 1, 2016, was forecast at 1.785 billion bushels, up 25 million bushels, or 1%, from 1.76 billion bushels projected in November and up 54 million bushels, or 3%, from 1.731 billion bushels in 2015. The USDA 2016 corn carryover was above the pre-report trade average expectation of 1.769 billion bushels.
U.S. soybean carryover on Sept. 1, 2016, was projected at 465 million bushels, unchanged from November, and up 274 million bushels, or 143%, from 191 million bushels in 2015. There were no changes from November made to any of the 2015-16 soybean projections. The 2016 USDA soybean carryover number was slightly below the average trade expectation of 466 million bushels.
World corn ending stocks were projected at 211.85 million tonnes for 2015-16, down from 211.91 million tonnes in November but up from 208.19 million tonnes forecast for 2014-15.
Global 2015-16 soybean ending stocks were projected at 82.58 million tonnes, down from 82.86 million tonnes in November but up from 77.66 million tonnes in 2014-15.