In the January WASDE, USDA dropped its total 2020/21 U.S. corn supply estimate by 400 million bushels, with new crop production now estimated at 14.182 billion bushels, down 325 million bushels from the December estimate.
USDA’s cuts to domestic use and exports in 2020/21 totaled 250 million bushels. The net decrease to U.S. ending stocks, now forecast at 1.552 billion bushels, was 150 million bushels.
For soybeans, total 2020/21 U.S. supply was lowered by 14 million bushels as estimated new-crop production fell 35 million bushels to 4.135 billion bushels, but estimated 2020/21 imports more than doubled, now pegged at 35 million bushels.
Total 2020/21 U.S. soybean use, including exports, increased by 21 million bushels to 4.555 billion bushels. The cut to supply and increase in usage led to a net reduction of 35 million bushels to 2020/21 U.S. soybean ending stocks, now forecast at 140 million bushels.