WASHINGTON — The US Department of Agriculture’s March World Agricultural Supply and Demand Estimates report issued midday contained nothing to excite grain and oilseed markets. The USDA left unchanged from February its forecasts for the 2020 carryovers of wheat, corn, soybeans and rice.
In the case of wheat, the USDA forecast the carryover on June 1, 2020, at 940 million bus, down 140 million bus, or 13%, from 1,080 million bus in 2019. There were no adjustments in the 2019-20 supply, at 3,105 million bus, or demand, at 2,165 million bus, including 1,000 million bus for exports. The by-class forecasts for wheat also were unchanged from February with the hard red winter wheat carryover at 484 million bus (516 million in 2019), the hard red spring carryover at 249 million bus (263 million in 2019), the soft red winter wheat carryover at 106 million bus (158 million), the white wheat carryover at 80 million bus (88 million), and the durum carryover at 21 million bus (55 million).
The USDA forecast the carryover of corn on Sept. 1, 2020, at 1,892 million bus, down 329 million bus, or 15%, from 2,221 million bus in 2019. All 2019-20 supply-and-demand forecasts were unchanged with feed and residual use at 5,525 million bus, (5,430 million bus in 2018-19); food, seed and industrial use at 6,820 million bus (6,793 million bus), including use for manufacturing ethanol at 5,425 million bus (5,378 million bus); and exports at 1,725 million bus (2,065 million bus).
The USDA projected the carryover of soybeans on Sept. 1, 2020, at 425 million bus down 484 million bus, or 53%, from 909 million bus in 2019. All 2019-20 supply-and-demand forecasts were unchanged with the exception of seed use of soybeans at 99 million bus, up 3 million from February, and residual at 29 million bus, down 3 million.
The USDA forecast the carryover of rice on Aug. 1, 2020, at 30 million cwts, down 14.9 million cwts, or 33%, from 44.9 million cwts in 2019. All supply-and-demand categories for 2019-20 were unchanged from February.