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USDA lowers estimate of US corn supplies, raises global ending stocks of soybeans

Jun 10 (.) – US corn supplies will be lower than initially expected due to increased demand for the grain for ethanol production and export, the government said on Thursday.

In its monthly report on grain supply and demand, the Department of Agriculture (USDA) indicated that the ending stocks of corn in the agricultural year 2020/2021 ending August 31 will fall to 1,107 million bushels, compared to the forecast of May 1,257 million bushels.

By 2021/2022, ending corn stocks in the United States will reach 1.357 million bushels, up from an estimated 1.507 million bushels in May.

USDA also changed projections for soybean supplies, stating that it expects final global stocks of the oilseed to reach 92.55 million tons in the 2021/2022 season, higher than expected by the market.

Soybean futures in the Chicago market fell after the publication of the government report.

Regarding wheat, USDA said it expects global ending inventories of 296.80 million tons in the next cycle and world reserves of 289.41 million tons of corn.

In the South American agricultural powers, USDA expects the oilseed harvest in Brazil to reach 144 million tons in 2021/2022 and 137 million tons in the current season.

Argentina will produce 52 million tons of soybeans in 2021/2022, which compares with 47 million tons in the current cycle harvest, the report estimated.

(Reporting by Mark Weinraub. Edited in Spanish by Marion Giraldo)

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