Tuesday report non-eventful
February and early March USDA reports are typically non-eventful and this was the case on Tuesday when USDA released the March supply and demand update.
“We didn’t get any changes on the U.S. balance sheet for corn, beans or wheat,” Aaron Curtis of MIDCO told The Central Illinois Farm Network. “We did get a little bit of adjustment in South America.”
USDA increased the Brazil bean crop by about a million metric tons and lowered the Argentina bean crop with no changes in corn.
“Really it was a boring report,” Curtis added.
Market reaction to a boring report is usually lower since that is the path of least resistance, according to Curtis.
There were no changes to U.S. ending stocks as the balance sheets were virtually the same as those from February. The month’s 2020-2021 corn supply and use outlook for the U.S. is the same as last time with the projected season average farm price still at $4.30 a bushel.
Corn ending stocks in the U.S. remain at 1.502 billion bushels.
USDA has soybean stocks at 120 million bushels, unchanged on the month while the trade anticipated 117 million bushels. Wheat stocks are also unchanged from last month at 836 million bushels with the trade expecting 839 million.