U.S. Department of Agriculture Makes Very Few Changes to the Match Supply and Demand Report

U.S. Department of Agriculture Makes Very Few Changes to the Match Supply and Demand Report In the March report for supply and demand, the U. S. Department of Agriculture (USDA) made very few alterations compared to February. Corn was left unchanged at 1.837 billion bushels and wheat at 966 million bushels. The soybean ending stocks was raised 10 million bushels to 460 million bushels.

There were some changes in the world ending stocks, which were lowered approximately two million metric tons for wheat as well as corn to 237.6 million metric tons and 207million metric tons respectively. The February world ending corn stocks for February was 208.8 million tonnes. The global soybean stocks also were brought down to 78.9 million metric tons.

In the report by the USDA, South American corn and soybean productions were kept untouched in March. The corn markets did not get much fresh news from the world agricultural supply and demand estimates of the USDA. The estimated stocks of domestic corn by USDA remained in line with the estimates made in February of 24.5 million tones.

At the Chicago Board of Trade, corn and soybean futures moved to the high-end of their trading ranges. Brian Rydlund, market analyst at CHS Hedging said, "Looks like we're still trading ranges, but we're back up to the top." He said, it appears that corn and soybeans both are trying to push through their resistance levels mainly due to a seasonal rally.

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