Closeup of Corn SilkingLast week’s World Agricultural Supply and Demand Estimates (WASDE) report from USDA cut production estimates from Brazil while boosting Argentina’s corn production estimates. Corn ending stocks for 2023/2024 were pegged at 2.172 billion bushels, the same as last month. Soybean ending stocks were pegged slightly higher at 319 million bushels compared to last month’s 319 million bushels.

Overall, USDA reported the March WASDE is unchanged for the corn outlook compared to last month while soybeans are also largely unchanged. Wheat supplies are unchanged, and exports were reduced by 15 million bushels to 710 million.

Read more on March WASDE numbers here.