Cash Strategist 3-16-22
The U.S. corn carryout projection was reduced by 100 million bushels in the March supply and demand (WASDE) report to 1.44 billion bushels. This was the result of a 25 million bushel increase to ethanol demand and a 75 million bushel rise in expected exports.
The average cash value on corn increased 20 cents to $5.65. The global corn carryout is now projected at 301 million metric tons, up 1.3 million metric tons on the month. Brazilian corn production was estimated at 114 million metric tons, and the Argentine crop at 53 million metric tons.
The U.S. soybean carryout was lowered 40 million bushels, which is equal to the USDA’s expected increase in export demand. This put the U.S. soybean carryout at 285 million bushels and is right at a level where rationing would be warranted. The average cash value on soybeans was raised 25 cents per bushel to $13.25. The world soybean carryout is now projected at 90 million...
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