USDA Report: Analysts See Smaller Soybean And Wheat Stocks

Ahead of this afternoon's United States Department of Agriculture's supply and demand update, analysts expect bigger corn stocks and smaller soybean and wheat stocks.

The average of analysts' estimates for 2008/09 corn ending stocks is 1.232 billion bushels, which would be up around 100 million from November on this year's harvest and a decline in export demand. The range of estimates runs from a low of 1.124 billion bushels, which would be unchanged from November, to a high of 1.400 billion bushels. 2007/08 ending stocks were 1.624 billion bushels.

Soybeans are pegged at 200 million bushels, down modestly from the 205 million bushels in November, with good export demand offsetting a decline in crush rates. Expectations range from 161 million to 215 million bushels. For 2007/08, soybean ending stocks were 205 million bushels.

Wheat stocks are expected to be around 596 million bushels, compared to November's guess of 603 million, on fairly routine demand. Analysts' estimates range from 575 million to 606 million bushels. 2007/08 wheat ending stocks totaled 306 million bushels.