The USDA’s World Agricultural Supply and Demand Estimates (WASDE) for February was released yesterday.
Chinese corn demand was maintained at 26Mt, while US supply and demand estimates were left unchanged, noted the CRM Agri team.
Corn production in Argentina was also maintained at 54Mt, while Brazilian corn estimates were downgraded by just 1Mt to 114Mt.
Few changes made to global wheat supply and demand estimates, reported those analysts.
US stocks increased marginally, as did stocks in Argentina due to an increase in export estimates, they said.
Canadian stocks were also downgraded due to increased domestic usage.
US soybean ending stocks were reduced, lowered to 8.84Mt, from 9.51Mt in the January report.
Soybean production in Brazil was downgraded to 134Mt, down from 139Mt in January. In Argentina, production was also downgraded to 45Mt, down from 46.5Mt.
The fall in South American production is likely linked to projections for a decrease in Chinese soybean imports, down 3Mt to 97Mt.