This mornings USDA report had no big surprises when compared to the January and February numbers.
Corn production was lowered by .3 bu/acre to 164.9 bu/acre. A 20 mln bushel reduction in overall production. The export number was lowered by 100mln bushels. Actual carryout number for this year went up 80 mln bushels to 1.799 bln bushels. World ending stocks increased 6.11 mln tonnes with the majority coming from Argentina.
Soybean production was left unchanged at 44 bu/acre. Production at 3.359 bln bushels. Exports increased 20 mln lowering the US carryout to 190 mln bushels. World carryout increased about 1 mln tonnes to 60.67 million tonnes. The bean number is 18.65 mmt more than last year.
Attention will now focus on the USDA March 31st stocks and planting intentions report.
Corn and beans will continue to struggle. Outside markets and spring weather will also have to be watched for market direction. Look for prices to remain within the established trading ranges and most like toward the downside.
We are offering free price later contracts for corn.
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