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Mumbai, April 1 (Commoditiescontrol):On March 31st, 2023, the United States Department of Agriculture (USDA) released its quarterly stock report, which revealed the effects of solid demand and lower production on corn, soybeans, wheat, sorghum, and rice.
Corn stocks on March 1st were reported at 7.401 billion bushels, slightly less than the average pre-report estimate and down 5% from the previous year. This drop can be attributed to lower production in 2022 and slow export demand during the first half of the marketing year, despite smaller quarterly usage.
Soybeans came out at 1.685 billion bushels, below the average pre-report guess and a drop of 13% from the previous year. However, the indicated second-quarter disappearance was 11% higher than in the same period last year, reflecting solid domestic crush use.
Wheat was reported at 946.018 million bushels, just above the average estimate but still 8% lower than the previous year. This drop was largely due to strong domestic demand, as indicated by a 5% rise in implied third-quarter disappearance.
Sorghum stocks totalled 108.769 million bushels, a decrease of 47% from the previous year, with a 38% decline in implied quarterly usage due to a significantly smaller crop.
Unmilled rice stocks were pegged at 76.479 million hundredweight, 16% lower than the prior year, with most of the long grain held off-farm. Milled rice was reported at 4.36 million hundredweight, 14% lower than the previous year.
Overall, the USDA's quarterly stocks report indicates that solid demand and lower production have significantly impacted corn, soybeans, wheat, sorghum, and rice stock levels. The drop in stock levels reflects the challenges faced by the agriculture industry, including the impact of weather, supply chain disruptions, and changes in consumer demand.
The USDA's next round of supply and demand estimates are set to be released on April 11th.
(By Commoditiescontrol Bureau: +91-9820130172)
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