The U.S. wheat supply and demand outlook calls for lower supplies, unchanged domestic use, reduced exports, and higher ending stocks, as highlighted in the USDA’s March World Ag Supply and Demand Estimates (WASDE) report released Wednesday.
Wheat exports dropped 10 million bushels, while imports dropped five million bushels from last month, all in Hard Red Winter Wheat. The season-average farm price rose 20 cents a bushel to $7.50.
The corn supply and demand outlook is for increased food, seed, and industrial use, larger exports, and smaller stocks. Export projections rose 75 million bushels to 2.5 billion, which reflects an expectation of sharply lower exports from Ukraine.
Corn for ethanol use is up 25 million bushels to 5.35 billion. The projected season-average price rose 20 cents to $5.65.
Soybeans are looking at higher exports and lower ending stocks compared to last month. Exports rose by 40 million bushels while ending stocks dropped by 40 million bushels to a projected 285 million. The season-average price rose 25 cents to $13.25.