WASHINGTON, April 11 The U.S. Agriculture
Department on Tuesday raised its outlook for domestic soybean
supplies, with massive crops in Brazil and Argentina seen
keeping a lid on U.S. exports of the oilseed.
Corn ending stocks were left unchanged, USDA said in its
monthly supply and demand report.
U.S. soybean ending stocks for the 2016/17 crop year were
pegged at 445 million bushels, up from the government's previous
outlook of 435 million bushels. The average of estimates in a
Reuters poll of analysts had expected the report to show ending
stocks of 447 million bushels.
The outlook for soybean exports held steady at 2.025 billion
bushels, USDA said. In March, it had cut its soybean exports
estimate by 25 million bushels.
For corn, USDA said ending stocks would be 2.320 billion
bushels, the same as its March outlook and compared to the
average of analysts' forecasts of 2.352 billion.
It said ending stocks of wheat would be 1.159 billion
bushels, up from the 1.129 billion bushels it forecast in March.
Analysts had expected wheat ending stocks of 1.147 billion.
(Reporting by Tim Ahmann; Editing by Andrea Ricci)