Glacier FarmMedia – The United States Department of Agriculture’s (USDA) monthly supply/demand estimates, released on March 8, were largely left unchanged, the exceptions being South American corn and soybeans as well as U.S. wheat.
The projected ending stocks for Brazilian corn were raised 200,000 tonnes from the February estimate at 6.17 million, which could bring more pressure to already beleaguered U.S. corn futures. While the carryout into 2023-24 was adjusted higher by 1.2 million tonnes at 11.47 million, domestic feed use increased by one million tonnes at 64.5 million. Production remained unchanged at 124 million tonnes.
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In Argentina, ending stocks remained at 1.03 million with production and exports each going up one million tonnes at 56 million and 42 million, respectively.
Brazilian soybeans saw a marked reduction in projected ending stocks for 2023-24, losing 3.25 million tonnes at 33.05 million. Exports increased by three million tonnes at 103 million, while production was down one million tonnes at 155 million and domestic crush was cut by 750,000 tonnes at 53 million. In Argentina, production remained the same at 50 million tonnes with ending stocks unchanged at 25.96 million.
U.S. wheat saw its 2023-24 estimated carryout rise by 15 million bushels at 673 million, due to an equivalent reduction in exports to 710 million. Production was unchanged at 1.812 billion bushels.
U.S. corn saw no changes from its February estimates, with production remaining at 15.342 billion bushels and ending stocks at 2.172 billion. U.S. soybean production and ending stocks were also unchanged at 4.165 billion and 315 million bushels, respectively.
Projected global ending stocks for 2023-24 corn were cut by 2.43 million tonnes from the February estimate at 319.63 million. Beginning stocks were raised 1.37 million tonnes at 301.62 million, but production fell by 2.33 million at 1.230 billion and domestic use increased by 1.48 million at 1.212 billion.
World ending stocks for soybeans dropped by 1.76 million tonnes at 114.27 million. Beginning stocks were also down by 1.42 million tonnes at 102.15 million and production was cut by 1.36 million tonnes at 396.85 million.
Projected world wheat ending stocks declined by 610,000 tonnes at 258.83 million. Beginning stocks were down by 110,000 tonnes at 271.1 million, but production is set to rise by 960,000 tonnes at 786.7 million.
— Adam Peleshaty reports for MarketsFarm from Stonewall, Man.
