In the February WASDE, USDA raised its 2020/21 corn exports forecast by 50 million bushels to 2.600 billion bushels. This dropped USDA’s 2020/21 U.S. corn ending stock forecast by 50 million bushels to 1.502 billion bushels, notably above the average industry estimates of 1.384 billion bushels.
For soybeans, USDA increased its 2020/21 U.S. exports forecast by 20 million bushels to 2.250 billion bushels, lowering 2020/21 U.S. soybean ending stocks by 20 million bushels to 120 million bushels, near the average industry estimate.
Aside from increasing its export forecasts, USDA made no changes to its 2020/21 U.S. corn and soybean balance sheets.
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