USDA lowered the outlook for Argentina production by 7 million tonnes to 47 million tonnes – still well above predictions from private analysts. For Brazil, USDA put harvest at 113 million tonnes.
Domestic US soybean ending stocks were seen at 555 million bushels, up 25 million bushels from the February forecast, and well above analyst forecasts for 530 million bushels. US corn end stocks were seen at 2.27 billion bushels down form 2.352 billion last month and below analysts projections (Bullish). Wheat stocks were also increased as US exports are currently uncompetitive on global markets.
Buenos Aires Grains Exchange updated their forecast numbers – cutting soybean forecast for Argentina to 42 million tonnes down 2 million tonnes on last month and well below the USDA figure of 47 million tonnes. For corn, forecast was put at 34 million tonnes down from 37 million tonnes last month. Damage still reported to be occurring and warnings forecasts may yet fall further.