USDA made no changes to the 2020/21 U.S. corn balance sheet in the March WASDE. Ending stocks remain forecast at a multiyear low of 1.502 billion bushels, exports at record 2.600 billion bushels, and domestic use at 12.025 billion bushels, a five-year low.
Globally, 2020/21 corn ending stocks rose by about 1.1 MMT on higher output from India, South Africa, and Bangladesh, partly offset by a smaller Mexican crop.
For U.S. soybeans, there were no changes to 2020/21 ending stocks, production, export, or domestic use. Ending stocks are still seen at a multiyear low of 120 million bushels, and exports at a record 2.250 billion bushels.
World 2020/21 soybean ending stocks were raised by 380,000 MT as carry-in was increased by almost 1.2 MMT and 2020/21 production by 740,000 MT. The increases to 2020/21 carry-in and production were partially offset by slightly higher 2020/21 usage.
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