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Corn, Soybean March 2012 WASDE Recap



U.S. corn balance sheets for 2011-2012 are unchanged this month. Global coarse grain supplies for 2011-2012 are projected 1.6 million tons higher with production increases for Brazil corn and India corn and millet. Partly offsetting are reductions in sorghum output for India and Argentina and corn output for South Africa and Ecuador. Brazil corn production is raised 1 million tons on higher expected area for the second crop, which is planted following soybeans. India corn and millet production are raised 0.5 million tons and 1.5 million tons, respectively, in line with the latest government crop assessments. India sorghum production is lowered 0.7 million tons mostly reflecting lower expected area as the crop faces significant competition from cotton, soybeans, and pulses. Argentina sorghum production is lowered 0.2 million tons with lower expected yields. South Africa corn production is lowered 0.5 million tons as higher reported area is more than offset by reduced yield prospects. Below-normal rainfall and above-normal temperatures throughout South Africa’s maize triangle adversely affected pollination and early grain fill during February. Corn production for Ecuador is lowered 0.3 million tons as excess rains lower area and yields.

Global coarse grain trade for 2011-2012 is raised with increases for corn and barley. Corn imports are raised for EU-27, Ecuador and Peru, but lowered for Malaysia. Corn exports are raised for Brazil and India. Global coarse grain consumption for 2011-2012 is raised 2.2 million tons mostly on higher corn feeding in EU-27 and India, and higher millet use in India. EU-27 corn feeding is raised 1.0 million tons as corn is expected to replace higher priced wheat in animal rations. India corn and millet feeding are raised a combined 1.0 million tons. Millet food use is also raised 0.6 million tons for India. Partly offsetting these increases are reductions in sorghum food use in India, barley feeding in Australia, and corn feeding in Malaysia. Global coarse grain ending stocks for 2011-2012 are lowered slightly, with 0.8-million-ton reduction in projected world corn stocks.


U.S. soybean supply and use projections for 2011-2012 are mostly unchanged this month. U.S. soybean exports are unchanged at 1.275 billion bushels as reduced supplies in South America raise prices, reducing global imports. Although soybean meal exports and domestic use are raised this month, soybean crush remains unchanged due to a higher soybean meal extraction rate. Food use of soybean oil is reduced reflecting increased imports of canola oil and palm oil. Soybean oil stocks are projected at 2.4 billion pounds, up 100 million from last month. The U.S. season-average soybean price range for 2011-2012 is projected at $11.40-12.60/bu., up 30¢ on both ends of the range. Soybean meal prices are forecast at $310-340/short ton, up $20 on both ends of the range. Soybean oil prices are forecast at 50.5-54.5¢/lb., unchanged from last month.

Global oilseed production for 2011-2012 is projected at 445.7 million tons, down 6.7 million from last month. Foreign production, projected at 354.5 million, accounts for all of the change. Brazil soybean production is forecast at 68.5 million tons, down 3.5 million tons from last month due to lower projected yields resulting from hot, dry conditions in the southern states. Argentina soybean production is reduced 1.5 million tons to 46.5 million. Despite improved weather in recent weeks in much of the country, lower yields are projected due to continued warm, dry weather through February in northeastern growing areas. Paraguay soybean production is also reduced this month due to the effects of drought. With precipitation for November through February at the lowest level in over 25 years, soybean production is projected at 5 million tons, down 1.4 million from last month and 34% below early season expectations.

Global oilseed trade for 2011-2012 is projected at 108.4 million tons, down 2.1 million mainly reflecting reduced soybean trade. Lower soybean exports are forecast for Brazil and Paraguay. Soybean imports are reduced for China, EU-27, Indonesia, Japan, South Korea and Taiwan. China soybean imports are reduced 0.5 million tons to 55 million. Global oilseed ending stocks are projected at 67.8 million tons, down 3.4 million from last month. Reduced soybean stocks in Brazil and Argentina account for most of the change.


Get the full report from USDA.

TAGS: Soybeans Corn
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