For the second consecutive December, USDA made no changes to the domestic corn balance sheet. Despite the industry expecting slightly lower 2020/21 ending stocks, the forecast remained at a seven-year low of 1.702 billion bushels.
Globally, USDA lowered its 2020/21 world corn production forecast by about 1.1 MMT to 1,143.6 MMT. This change was driven by production decreases in Argentina, EU, and Canada, partly offset by a 1.0 MMT increase for Ukraine.
World 2020/21 corn ending stocks fell nearly 2.5 MMT, due in large part to 2020/21 Chinese feed demand rising by 3.5 MMT, offset in part by lower EU feed demand.
For U.S. soybeans, 2020/21 crush was raised by 15 million bushels to 2.195 billion bushels. This impacted 2020/21 ending stocks directly, which fell to a seven-year low of 175 million bushels, down 15 million bushels from the November forecast.
The largest change to the world soybean balance sheet was 2020/21 Argentine production dropping to 50.0 MMT, down 1.0 MMT from the November report. Larger crops in Canada and Uruguay offset some of this reduction.
U.S. soybean ending stocks
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