The U.S. Department of Agriculture (USDA) opted to leave corn and soybean ending stocks unchanged from the February release. This kept ending stocks estimates at 1.892 billion bushels for corn and 425 million bushels for soybeans.
While not unexpected to be held steady this month, many analysts are predicting demand reductions in future balance sheets as weekly sales start to slow. The USDA did lower the average cash prediction for corn and soybeans by 5 cents each.
Global ending stocks were little changed as well. The world corn carryout is now pegged at 297.3 million metric tons compared to 296.8 million metric tons in February.
The world soybean carryout estimate jumped the most, going from 98.9 million metric tons to this month’s 102.4 million metric tons.
Only minimal changes were made to South American corn and soybean production. Corn production was left unchanged from last month with Brazil at 101 million metric tons and Argentina at 50 million metric tons.