With the exception of ending stocks, there was no variation between the supply and demand report for February compared to March.
Source: USDA - Wasde e Notícias Agricolas.
The United States Department of Agriculture (USDA) released its latest monthly supply and demand report, holding US ending stocks of soybeans and corn steady but reducing global stocks of both commodities.
EUA - 2024/25 Harvest
Soybeans: Ending stocks maintained at 10.34 million tons.
Corn: Ending stocks unchanged at 39.12 million tons.
Exports: Remain estimated at 49.67 million tons.
Soybean crushing: Maintained at 65.59 million tons.
South America
Brazil:
Soybean production maintained at 169 million tons.
Corn production remains estimated at 126 million tons.
Ending corn stocks unchanged at 31.52 million tons.
Argentina:
Soybean production maintained at 49 million tons.
Corn production remains estimated at 50 million tons.
Ending corn stocks reduced from 25.95 to 24.95 million tons.
China
Soybean imports maintained at 109 million tons.
Ending stocks reduced from 45.96 to 43.96 million tons.
World - 2024/25 Harvest
Soybeans:
Ending stocks reduced from 124,34 to 121,41 million tons.
Global consumption revised upwards from 406.18 to 409.16 million tons.
World production maintained at 420,76 million tons.
Corn:
Ending stocks reduced from 290,31 to 288,94 million tons.
Global consumption revised to 1.239,16 billion tons.
World production increased from 1,212.47 to 1,214.17 billion tons.
The USDA maintained its projections for South America, while reducing global stocks, reflecting higher consumption. In the international market, demand for soybeans remains strong, especially from China, while corn faces supply adjustments. The impact of these data on prices will be monitored in the coming days.
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