USDA Says Global Wheat Ending Stocks Will Be Lower, But Still Record

The USDA’s global ending stocks forecasts for wheat, corn and oilseeds are down from last month.

The department says wheat supplies are declining faster than total use, dropping the ending stocks forecast by 1 point 3 million tons.

However, the USDA says that’s still a record.

This month’s World Agricultural Supply and Demand Estimates has cut corn ending stocks by 1 point 8 million tons, mostly reflecting smaller stocks in Brazil.

And the global oilseed ending stocks forecast has been reduced by 1 point 7 million tons from the February report.

The USDA blames that mostly on lower soybean ending stock projections for Argentina and Brazil.