WASHINGTON, April 11 (Reuters) - 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)