Wheat futures rocketed higher on the bullish report data.
USDA also expects a drop in 2022-23 global wheat production and supplies.
USDA left U.S. old-crop corn ending stocks unchanged, whereas traders expected a cut. Global corn ending stocks also unexpectedly increased.
USDA unexpectedly estimates farmers intend to plant more acres to soybeans than corn in 2022. March 1 stocks were slightly lower than expected, while soybean stocks came in higher than anticipated.
USDA reflected no expected increase in U.S. wheat exports, despite the Russia/Ukraine conflict. U.S. corn exports were increased to reflect fewer anticipated shipments from Ukraine.
Projected 2021-22 ending stocks for corn, soybeans, wheat and cotton all came in higher than the average pre-report estimates.
The wheat market had the biggest reaction to the data as winter wheat seedings topped expectations, while U.S. and global wheat ending stocks increased from last month.
The USDA increased U.S. and global wheat and corn carryout numbers above pre-report estimates. Meanwhile, U.S. and global cotton and soybean carryout numbers were under pre-report estimates.
Your editors highlight the main takeaways from today's WASDE and Crop Production Reports.