Good morning,
Markets are mixed again this morning with corn down 8 and soybeans up 8.
Traders will have something besides the Russia – Ukraine war to trade for at least a little bit today as the USDA releases their March WASDE at 11am. Estimates for today’s report are listed below.
US Ending Stocks (million bushels)
| USDA March | Average Est. | USDA February | Last Year | |
| Corn | 1.440 | 1.455 | 1.540 | 1.235 |
| Soybeans | .285 | .273 | .325 | .278 |
| Wheat | .653 | .627 | .648 | .845 |
USDA 2021/22 World Crop Production (million tonnes)
| USDA March | Average Est. | USDA February | Last Year | |
| Brazil | ||||
| Corn | 114.0 | 112.7 | 114.0 | 87.0 |
| Soybeans | 127.0 | 128.1 | 134.0 | 138.0 |
| Argentina | ||||
| Corn | 53.0 | 51.6 | 54.0 | 51.5 |
| Soybeans | 43.5 | 43.1 | 45.0 | 46.2 |
USDA 2021/22 World Ending Stocks (million tonnes)
| USDA March | Average Est. | USDA February | Last Year | |
| Corn | 300.97 | 299.6 | 302.2 | 292.1 |
| Soybeans | 89.96 | 88.6 | 92.8 | 100.4 |
| Wheat | 281.51 | 277.4 | 278.2 | 289.9 |
Russia’s war on Ukraine has commodity markets in disarray as multiple industries attempt to assess potential trade flow shifts worldwide. Since we are in the early stages of these developments, I expect the USDA to take a conservative approach to their ideas related to U.S. grain/oilseed balances, but clearly the potential exists for considerable shifting of global demand to U.S. supplies in the weeks, months and possibly years to come depending on how the situation in the Black Sea region plays out.
Have a Safe Day!
Garry Gard
920-348-6844
ggard@didioninc.co
