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Gives 60% or greater odds that ENSO-neutral conditions will linger this growing season.
But state reports note slow development and short corn height.
Dr. Cordonnier leaves his soybean crop projection unchanged.
Corn planted acreage topped expectations, while corn stocks fell short.
Raised its global total grains carryover projection by 1 MMT from last month.
Most stressful conditions in Iowa and Minnesota.
Soybean acreage up 1%, all wheat acreage up 1% and all cotton acreage down 17%.
But slight expansion of drought noted in the Southern Plains.
Traders look for USDA to trim corn and spring wheat acreage from March intentions.
Corn demand headwinds and major global increases in supply will put producer margins under pressure this year, which will continue for the next three to five years.