(WASHINGTON D.C.)– According to the latest World Agricultural Supply and Demand Estimates from USDA for the month of February, they only see small cuts to Brazilian soybean and corn production in the latest report.
According to USDA, they pegged Brazil soybean production at 156 million metric tons (MMT) this month which is down just 1 MMT from last month. They pegged the Brazil all corn estimate at 124 MMT, down from last month’s estimate 127 mmt and in line with pre-report expectations. Earlier on Thursday, CONAB pegged the Brazil soybean crop at 149.4 MMT which was much lower than the USDA estimate on soybean production in Brazil.
On the U.S. side of the balance sheet, USDA cut soybean exports by 35 million bushels and also cut food, seed and industrial use for corn by 10 million. Ending stocks for U.S. corn came in at 2.172 billion bushels, soybean stocks at 315 million bushels and wheat stocks came in at 658 million bushels. All of those numbers were higher than last month and higher than pre-report expectations.
View the full WASDE Report here: https://www.usda.gov/oce/commodity/wasde
AUDIO: We get market analysis and WASDE report recaps from Arlan Suderman, Chief Commodities Economist at StoneX.
