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The United States Department of Agriculture (USDA) released two important reports this Thursday (31): on quarterly stocks as of March 1 and on the planting intentions of North American producers in the 2022/23 harvest.
Soy
The USDA estimates quarterly stocks of the U.S. oilseed at 52.56 million tonnes, up from 42.51 million tonnes a year ago. Market expectations for this season were 51.90 million tonnes.
Regarding the intended planting area, the agency indicates 36.81 million hectares, against 35.29 million hectares in the 2021/22 season. Analysts expected 36.00 million hectares in 2022/23.
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Corn
Quarterly inventories as of March 1st were 199.40 million tons; in the same period in 2021, they were 195.49 million tons – the market expectation for today's report was 200.20 million tons.
U.S. farmers are expected to plant 36.22 million hectares of corn, up from 37.80 million hectares in 2021/22. Analysts had expected 37.20 million hectares for 2022/23.
Wheat
A year ago, quarterly wheat stocks indicated 35.68 million tons; this year, the USDA indicates 27.88 million tons. The expectation was 28.30 million tons.
The planting intention for the cereal was indicated at 19.16 million ha, against 18.90 million ha in the previous harvest – experts expected 19.40 million ha.
Cotton
The planting intention for cotton in the US is 4.95 million ha; compared to 4.53 million ha in 2021/22 and market expectations of 5.00 million ha.
Source: DATA
