The United States Department of Agriculture (USDA, Financial) has revised its third-quarter inventory estimates for key crops, including soybeans, corn, and wheat.
According to the latest USDA report, soybean inventories are projected to be 342 million bushels, slightly below analysts' expectations of 346.90 million bushels and a significant reduction from the previous estimate of 970 million bushels.
Corn inventories are expected to reach 1.76 billion bushels, which is also below analysts' projections of 1.84555 billion bushels and down from the prior estimate of 4.993 billion bushels.
Wheat inventories are forecasted to be 1.986 billion bushels, marginally lower than analysts' expectations of 1.99190 billion bushels and a decrease from the previous estimate of 702 million bushels.
Overall, the USDA's revised estimates indicate a tighter supply for these essential agricultural commodities, which could impact market dynamics and pricing in the upcoming months.
