The February USDA Report has corn outlook with higher exports and lower ending stocks. Exports were raised 50 million bushels, reflecting the historically large corn purchases by China. Consequently, the U.S. corn ending stocks were lowered 50 million bushels from last month to 1.502 billion bushels, compared to the January report of 1.552 billion bushels.
The corn production forecast in Brazil and Argentina was left unchanged because a greater area has been offset by a reduction in yield.
This month’s soybean outlook is for increased exports and lower ending stocks. Soybean exports are projected at 2.25 billion bushels, up 20 million from last month. With crush unchanged soybean ending stocks are reduced from 140 million to 120 million bushels.
A slow start to Brazil’s export season caused by harvest delays has kept their production numbers unchanged.
The supply and demand outlook for wheat is largely unchanged this month. The global outlook is for greater supplies, increased consumption, higher exports, and reduced stocks.