@kannbwx

Projections for #corn crops in #Brazil and #Argentina and #soybeans in Argentina are seen shrinking on Tuesday. Brazil's soybean harvest prediction is expected to be just as strong as last month, if not stronger.

Analysts see slight cuts to U.S. carryout for #corn and #soybeans from USDA on Tuesday, though #wheat stocks are seen slightly higher. These numbers will move (or not) this month based on changes to demand.

@kannbwx

No changes to U.S. ending stocks. Balance sheets are virtually identical to those from February.

@kannbwx

No changes to 20/21 #corn crops in #Argentina or #Brazil. USDA reduced Argy's soybean crop by 0.5 mmt (about what trade expected), though they increased Brazil's #soybeans by 1 mmt. They also raised Brazil's 19/20 crop by 2.5 mmt.

For #China, #corn S&D is unch. Imports still seen at 24 mmt. 

They are still seen importing 100 mmt of #soybeans in 2020/21, though domestic crush was reduced 1 mmt to 98 mmt, hence the slight rise in world ending stocks. 

China's 20/21 #wheat imports rose 0.5 mmt to 10.5 mmt.

@kannbwx

#Australia's 20/21 #wheat crop rose 3 mmt from Feb. to 33 mmt, and they are seen exporting +2mmt from Feb. Total Aussie exports are seen at 22 mmt in 20/21, up from 9 mmt in 19/20 and 9 mmt in 18/19. They finally recovered from their string of nasty droughts and crop shortfalls.

@kannbwx

World ending stocks for #corn and #soybeans came in higher than expected. #Wheat stocks were down much more than expected because of reductions in #China (increased feed usage). But wheat stocks actually increased from Feb. when considering World Less China.

Ok, I'll say it.  Bearish.

Thanks Jim!

I don't how prices will continue to keep going higher much longer without increasingly bullish news.

https://www.marketforum.com/forum/topic/66305/

@kannbwx

Conab increased #Brazil's #corn production to 108.1 mmt as a rise in 2nd crop offset a decline in 1st crop. Yield and area were increased for the 2nd crop.

 #Soybeans rise to 135.1 mmt from 133.8 previously. Soy exports seen slightly stronger.

@kannbwx

The Buenos Aires Grains Exchange has cut #Argentina's 2020/21 crop forecasts due to dryness: #Soybeans 44 million tonnes (was 46 mmt)#Corn 45 million tonnes (was 46 mmt)