March 11, 2005

Global soybean production forecast lowered

USDA's projection of global soybean production currently stands at 224.14 million tonnes, down from 228.62 million tonnes in its February estimate.

The decline was mainly based on a cut in Brazil production from 63 million tonnes in February to 59 million tonnes in March. Argentina's production was left unchanged at 39 million tonnes. US soybean ending stocks were reduced to 410 million bushels, down from 440 million bushels in February, as USDA raised its forecast for US soybean exports 35 million bushels.

World corn ending stocks were raised from 117.27 million tons in February to 122.04 million tons in the new report.

USDA hiked wheat carryout to 146.78 million tons, up from 145.38 million tons in February.