(WASHINGTON D.C.)– USDA continues to be conservative in it’s reductions to the size of the Brazilian soybean crop, despite early season weather challenges in the country.
The March World Agricultural Supply and Demand Estimates report showed Brazil soybean production came in at 155 million metric tons (MMT), which was down just 1 million from last month’s estimate and well above many private estimates in the trade. USDA left Brazil corn production unchanged in the latest WASDE report while corn production in Argentina was raised 1 MMT to 56.0 MMT in the March report.
Both the U.S. corn and soybean outlooks are unchanged from last month. The season-average corn price received by producers is lowered to $4.75 per bushel based on observed prices to date. The U.S. season-average soybean price and the soybean meal price forecasts are unchanged for 2023/24. The soybean oil price is reduced 2 cents to 49 cents per pound.
USDA did raise U.S. wheat ending stocks to 673 million bushels on the latest report. The season-average farm price is reduced $0.05 per bushel to $7.15.
View the full March WASDE Report here: https://www.usda.gov/oce/commodity/wasde/wasde0324.pdf
