WASHINGTON (DTN) -- USDA increased its forecast for Brazil and Argentina's corn production to 84 million metric tons and 27 mmt, respectively. Both numbers were above the range of pre-report expectations.
Soybean production in Brazil was left unchanged at 100 mmt, while Argentina's production was increased 1.5 mmt to 58.5 mmt.
Domestically, USDA increased corn and soybean ending stocks in February's World Agricultural Supply and Demand Estimates report, which was released at 11 a.m. CT on Tuesday.
USDA's domestic stock estimates should be viewed as bearish for corn, soybeans and wheat, according to DTN Analyst Todd Hultman. The world estimates ...