USDA makes less aggressive cuts to Brazil crop estimates
The USDA has cut its guesses for soybean and corn production in Brazil.
Brazil’s soybean crop is now seen at 156 million tons, 1 million below January, and more than 6 million above the most recent projection from CONAB following a much more aggressive reduction, with the USDA also raising its export estimate to 100 million tons, contrary to CONAB, which lowered its outlook.
Brazil’s combined corn crop is pegged at 124 million tons, 3 million less month ago and still about 10 million tons more than CONAB, with both USDA and CONAB lowering Brazil’s corn export projection.
There were no changes to production or exports for Argentina.
Stateside, U.S. corn ending stocks were up on the month due to lower food, seed, and industrial usage expectations, soybean stocks were higher because of slower export demand, and wheat stocks grew slightly because of expected lower food use.
The USDA’s next set of supply and demand estimates is out March 8th.
Powered by WPeMatico
Go to Source
Author: John Perkins