(WASHINGTON D.C.)- U.S. corn ending stocks came in above trade expectations while USDA made larger than expected cuts to Argentine corn and soy production on Wednesday’s March World Agricultural Supply and Demand Estimates report.
On the U.S. side, corn ending stocks rose to 1.342 billion bushels. That was up from 1.267 billion last month and above the average trade guess of 1.308 billion bushels. USDA also cut U.S. corn exports by 75 million bushels. For soybeans, U.S. ending stocks came in at 210 million bushels which was down 15 million last month and 10 million below pre-report trade expectations. U.S. wheat ending stocks were unchanged.
USDA says that Argentina’s corn crop will be 40 million metric tons which is down from 47 million metric tons last month. The average trade guess was 43.4 MMT. For soybeans, USDA says Argentine production will be 33 MMT which is down from last month’s 41 MMT estimate and well below trade estimates of 36.6 MMT.
There was no change to Brazil’s corn and soybean production in the March report.
View the full report from USDA here: https://www.usda.gov/oce/commodity/wasde
Listen to market analysis of the March WASDE with Arlan Suderman of StoneX:
