Corn Stocks Raised in Latest WASDE, While Soybean Stocks Projected Lower
The USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) report on Wednesday, showing increased ending stocks for corn and lower stocks for soybeans.
The 2022/23 U.S. corn outlook showed reduced exports, down 75 million bushels. This was lowered based on sluggish sales and shipments to date, despite relatively competitive U.S. prices.
Other uses were unchanged, resulting in corn ending stocks being raised by 75 million bushels compared to the month prior.
The season-average corn price was lowered by 10 cents to $6.60 per bushel.
Global corn production was projected 3.2 million tons lower for reductions in Argentina due to heat and dryness last month and into early March. Global ending stocks were up 1.2 million from last month to 296.5 million tons...
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