USDA cut its forecasts for Brazil, Argentina and Paraguay soybean crops, though the crop pegs remain above those of many private crop forecasters. Brazil’s soybean crop was sliced to 134 MMT, down 5 MMT from the January WASDE Report. Argentina’s soybean production was trimmed 1.5 MMT to 45 MMT. Paraguay’s soybean crop was lowered by 2.2 MMT to 6.3 MMT. U.S. soybean ending stocks were decreased by 25 million bu. from last month to 325 million bushels. Traders expected USDA to reduce projected soybean carryover by 40 million bushels. As a result, global soybean carryout stocks were reduced 2.4 MMT to 92.8 MMT but above the pre-report average estimate of 91.51 MMT.
USDA cut Brazil corn production by 1 MMT to 114 MMT. U.S. corn ending stocks were unchanged at 1.540 billion bu., whereas traders expected a 28-million-bu. cut. Global carryover was trimmed 850,000 MT to 302.22 MMT; the average pre-report estimate was 300.32 MMT.
U.S. old-crop wheat carryover was increased 20 million bu. from last month to 648 million bushels. U.S. cotton ending stocks were increased to 3.5 million bales, up 300,000 bales from last month, mostly on reduced cotton exports.
