March ‘10 USDA World Agriculture Supply and Demand Estimates
- ‘08/’09 Corn - Neutral
- No changes.
- ‘09/’10 Corn – Slightly Bearish
- Yield estimates declined reducing production by 20 million bushels.
- Exports were reduced 100 million bushels on a weak sales pace and record South American yields.
- Ending stocks were projected 80 million higher to 1.799 billion bushels or 50.5 days of use. This was above trade estimates which expected a small decline in ending stocks.
- ‘08/’09 Soybeans – Neutral
- No changes.
- ‘09/’10 Soybeans - Neutral
- Exports were increased by another 20 million bushels and crush was expanded by an additional 10 million.
- Ending stocks were projected lower by 20 million bushels to 190 million or a tight 20.8 days of use.
- Other Markets – Bearish
- Argentine corn and production was revised higher from 17.2 to 21 million mT aiding world ending stocks to a very comfortable 140.2 million mT.
- Brazil’s record soybean crop was revised higher from 66 to 67 million mT pushing world ending stocks the second highest level ever at 60.67 million mT.
- US milk production was projected sharply higher than last month for ’10 due to reduced cow slaughter rates and high replacement heifer numbers.
- US meat production was reduced due to lower pork and turkey production. Beef production was mostly unchanged as higher slaughter numbers were negated by poor carcass weights.
http://usda.mannlib.cornell.edu/usda/current/wasde/wasde-03-10-2010.pdf