Cash Strategist 3/15/2023
Changes to domestic balance sheets were greater than expected in the USDA's March supply and demand report. Corn ending stocks increased 75 million bushels (mbu) to total 1.342 billion bushels (bbu), which was on the high end of trade guesses. This increase was the result of lower export expectations. This is also very close to the ending stocks the U.S. had at the end of the 2021/22 marketing year. The average price forecast on corn is now $6.60 per bushel.
The USDA trimmed its soybean ending stocks estimate to 210 mbu, down 15 mbu from February and the lowest carryout in seven years. Exports were bumped up by 25 mbu due to recent demand and expectations for continued sales given a smaller Argentine crop. The USDA did reduce its crush forecast by 10 mbu. The average cash value of...
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