In a report with few major changes, USDA cut Brazil's soybean production 1 million metric tons but held pat on Brazil's corn production despite expectations for lower numbers.
The World Agricultural Supply and Demand Estimates (WASDE) report was released Friday by USDA.
Brazil's production was expected to be a focus. USDA cut Brazilian soybean production by 1 million metric tons (mmt) to 155 mmt, which was toward the high end of pre-report expectations. Argentine production was left unchanged at 50 mmt.
For corn, USDA left Brazil's production at 124 mmt and held Brazil's corn exports at 52 mmt.
According to DTN Lead Analyst Todd Hultman, Friday's new-crop U.S. ending stocks estimates were roughly neutral for corn and soybeans and slightly bearish for wheat. Meanwhile, world ending stocks estimates from USDA were roughly neutral for corn, soybeans and wheat.
Stay tuned throughout the morning and refresh this page often, as we will be sending a series of updates with the important highlights from today's reports, including commentary from our analysts.
You can also access the full reports here:
-- Crop Production: https://www.nass.usda.gov/…
-- World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…
CORN
USDA's only change in domestic numbers for the 2023-24 corn crop was to lower the average farmgate price 5 cents to $4.75 a bushel.
U.S. production for 2023-24 crop was pegged at 15.342 billion bushels (bb), the same as February.
USDA estimated ending stocks at 2.172 billion bushels.
On the demand side, total 2023-24 Food, Seed and Industrial use is pegged at 6.78 bb. Ethanol use is forecast at 5.375 bb. Total domestic use is forecast at 12.455 billion bushels.
Exports for the corn crop are pegged at 2.1 bb.
Globally, beginning stocks for the 2023-24 new crop were raised 1.37 mmt to 301.62 mmt. 2.57-
Production globally was lowered 2.33 mmt to 1,230.24 mmt. Global exports were raised 1.45 mmt to 202.27 mmt,
Global ending stocks for the 2023-24 crop were lowered 2.43 mmt to 319.63 mmt.
Brazil's corn production was estimated at 124 mmt and exports were 52 mmt.
Argentina's production was increased 1 mmt at 56 mmt and export volume was raised 1 mmt to 42 mmt.
Ukraine's production was lowered 1 mmt to 29.5 mmt but exports were increased 1.5 mmt to 24.5 mmt.
SOYBEANS
USDA left the U.S. soybean supply and demand balance sheet unchanged from February.
Beginning stocks, which reflect the 2023-23 ending stocks, were held at 264 million bushels (mb). Overall production, at 4.165 billion bushels, for 2023-24 was unchanged.
Total use was estimated at 4.144 billion bushels, with 2.3 billion bushels serving crush demand and 1.72 billion bushels feeding the export market. The national average farm gate price was left unchanged at $12.65 per bushel.
Click here to see more...