Mumbai, 12 Jan 2024 (Commoditiescontrol):
Wheat:
December 1 stocks were reported at 1.410 billion bushels, down from the September 1 level of 1.780 billion bushels, marking a decrease of 0.370 billion bushels.
Production for the 23/24 period remained stable at 1.812 billion bushels.
End stocks for wheat decreased slightly from 0.659 to 0.648 billion bushels.
Winter seeding for wheat is reported at 34.425 million acres, a decrease from 36.699 million acres.
The report indicates a negative feed/residual use of -23.0 million bushels.
The average estimate for wheat stocks was 1.387 billion bushels, with the reported stocks being slightly above the low estimate of 1.272 billion bushels and just below the average estimate.
Corn:
There was a significant increase in December 1 corn stocks, reported at 12.169 billion bushels, up 10.808 billion bushels from September 1.
Production estimates showed a slight increase.
The corn yield per acre increased from 174.9 to 177.3 bushels.
End stocks for corn also showed a marginal increase.
The average estimate for corn stocks was 12.050 billion bushels, with the actual reported stocks being marginally above this average.
Soybeans:
December 1 soybean stocks stood at 3.000 billion bushels, with an increase of 2.732 billion bushels since September 1.
Production and yield per acre have seen slight increases.
End stocks for soybeans showed a significant increase of 35.000 million bushels since the previous report.
The average estimate for soybean stocks was 2.975 billion bushels, which is very close to the reported stocks.
World Ending Stock Estimates for 2023/2024:
Wheat ending stocks are estimated at 258.09 million bushels.
Corn ending stocks are estimated at 313.03 million bushels.
Soybean ending stocks are estimated at 111.58 million bushels.
The report indicates a general increase in the stock levels for corn and soybeans, with a slight decrease in wheat stocks. The changes reflect adjustments in both domestic use and international markets. I
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