USDA’s March Supply & Demand Report typically features just minor fine tuning to its old-crop U.S. usage forecasts. But USDA on Wednesday should increase U.S. corn and wheat exports to reflect major uncertainties with Black Sea grain shipments. We also anticipate higher usage forecasts for soybeans to reflect reduced South American soybean and soy product exports. Following are pre-report estimates from a Reuters survey (Bloomberg for cotton).
Expectations for | |
Corn – billion bushels | |
2021-22 | |
Average est. | 1.479 |
Range | 1.390-1.540 |
USDA February | 1.540 |
Soybeans – million bushels | |
2021-22 | |
Average est. | 278 |
Range | 182-325 |
USDA February | 325 |
| |
Wheat – million bushels | |
2021-22 | |
Average est. | 628 |
Range | 569-658 |
USDA February | 648 |
| |
Cotton – million bales | |
2021-22 | |
Average est. | 3.37 |
Range | 3.10-3.65 |
USDA February | 3.50 |
Expectations for | |
Corn – MMT | |
| 2021-22 |
Average est. | 301.07 |
Range | 298.00-305.50 |
USDA February | 302.22 |
Soybeans – MMT | |
| 2021-22 |
Average est. | 89.46 |
Range | 85.50-93.40 |
USDA February | 92.83 |
Wheat – MMT | |
| 2021-22 |
Average est. | 277.59 |
Range | 274.50-280.00 |
USDA February | 278.21 |
Cotton – million bales | |
| 2021-22 |
Average est. | 84.31 |
Range | 83.95-84.50 |
USDA February | 84.31 |
Brazilian Production | |
Soybeans – MMT | |
Average est. | 129.01 |
Range | 121.20-134.00 |
USDA February | 134.00 |
| |
Corn – MMT | |
Average est. | 112.98 |
Range | 110.00-116.10 |
USDA February | 114.00 |
Argentine | |
Soybeans – MMT | |
Average est. | 43.39 |
Range | 40.00-45.00 |
USDA February | 45.00 |
| |
Corn – MMT | |
Average est. | 52.09 |
Range | 49.00-54.00 |
USDA February | 54.00 |