The March World Ag Supply and Demand Estimates Report looked very similar to February’s numbers This month’s 2023-2024 U.S. corn outlook is unchanged relative to last month.
The season-average corn price received by producers is lowered to $4.75 a bushel based on observed prices to date. The outlook for U.S. soybean supply and use for 2023-2024 is also unchanged this month. Higher soybean meal exports are mostly offset by lower domestic use. The season-average soybean price and soybean meal price forecasts are also unchanged from last month.
The outlook for 2023-2024 U.S. wheat this month calls for unchanged supplies and domestic use, lower exports, and higher ending stocks. Exports were reduced by 15 million bushels to 710 million. Ending stocks were raised by the same amount to 673 million bushels and are 18 percent higher than last year. The season-average wheat price dropped by five cents to $7.15 a bushel.
-NAFB