Grain and livestock markets were mostly lower on Wednesday as plenty of volatility remained in wheat with sharp moves lower from the outset of trade this morning. The trade didn’t seem to react much to the March WASDE report as it may have already factored in anticipated moves by USDA. The USDA report cut the forecast for Brazil soybeans to 127 mmt versus the trade guess of 129 mmt, while the Brazil corn estimate was raised to 114 mmt against the trade estimate of 112.98 mmt. USDA said corn used for ethanol is raised 25 mb to 5.350 bb and corn exports are raised 75 mb to 2.5 bb, reflecting expectations of sharply lower exports from Ukraine. Soybean ending stocks are projected at 285 mb, down 40 mb from the February report and corn ending stocks were 1.440 bb versus the February estimate of 1.540 bb and the trade estimate of 1.479 bb. Livestock were mostly lower on the day as well even though beef had a strong WASDE report and pork was a little on the weaker side.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Mike Zuzolo of Global Commodity Analytics on today’s Market Talk below:
https://open.spotify.com/episode/1flNwg2APsGHa33ERmZ4UQ?si=xMah020ZQ4KxMXEuq8YRHQ
