The USDA’s Quarterly Stocks report shows the effects of solid demand and lower production.
Corn stocks on March 1st were reported at 7.401 billion bushels, a little bit less than what analysts were expecting ahead of the numbers and down 5% on the year, despite smaller quarterly usage, but that can be tied to lower production in 2022 and slow export demand during the first half of the marketing year.
Soybeans came out at 1.685 billion bushels, under the average pre-report guess and a drop of 13% from last year with the indicated second quarter disappearance 11% above the same period a year ago, reflecting solid domestic crush use.
