USDA made limited yet anticipated changes to the 2019/20 supply and demand forecasts for corn and soybeans.
U.S. corn exports were lowered 50 million bushels to 1.725 billion bushels. Despite unfavorable margins of late, ethanol and by-products demand was raised by 50 million bushels to 5.425 billion bushels.
Domestic production, yield, and harvested acreage remained unchanged for both corn and soybeans.
U.S. soybean exports were pegged at 1.825 billion bushels, also up 50 million bushels from the January estimate. Greater soybean exports brought about lower 2019/20 ending stocks, which fell 50 million bushels to 425 million bushels.
Internationally, Brazilian and Argentine corn production was left unchanged at 101 MMT and 50 MMT, respectively. Brazilian soybean production rose to 125 MMT, up 2 MMT from the January estimate.
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