USDA’s March Supply and Demand silliness turned out to be a big ol’ Nothingburger.
As in USDA changed nothing in its supply and demand tables for corn and soybeans while increasing its guess on US all-wheat endings stocks by 25 mb.
- 10 mb added to HRS (5 mb less exports, 5 mb more imports)
- 5.0 mb increased in SRW
- 10 mb increase in Durum
As for Global Supply and Demand
- Wheat endings stocks were increased by 2.5 mmt (roughly)
- Corn ending stocks were decreased by about 1.5 mmt
- due in large part to a 2.0 mmt decrease in beginning stocks
- Soybean ending stocks were decreased by about 3 mmt
- Due to a 2 mmt increase in Chinese crush demand
- and a 1 mmt increase in Argentina’s crush
- Production guesses for both Brazil and Argentina were left unchanged
- Brazil ~ 169.0 mmt
- Argentina ~ 49.0 mmt
- China’s imports were left unchanged at 109 mmt
The Bottom Line: There was nothing to get excited about. But I’m sure people will anyway.
