As expected, changes were minimal Wednesday in USDA’s March World Agricultural Supply and Demand Estimates.
Corn: U.S. corn ending stocks were unchanged at 1.837 billion bu., which was lower than the trade’s projection of 1.854 billion bu. Exports also remained the same at 1.650 billion bu. Corn use for ethanol decreased by an estimated 9 million bu. Global corn ending stocks were down 1.8 million tons, reflecting smaller stocks in Brazil.
Soybeans Soybean ending stocks were 460 million bu., which was slightly higher than the average trade forecast of 452 million bu. USDA also adjusted soybean production to 3.929 billion bu. after resurveying South Carolina producers. U.S. soybean trade projections are unchanged.
Wheat: U.S. Wheat ending stocks were unchanged at 966 million bu., which was lower than the average trade expectation of 975 million bu. Exports remained the same at 775 million bu. Hard red winter wheat exports were up by 10 million bu.; hard red spring wheat exports were down by the same amount. Global wheat supplies were lowered 3.3 million tons on lower production, but supplies remain at record high levels.