USDA will release the March Supply and Demand Estimate report on Tuesday. Total Farm Marketing Senior Market Advisor Brian Doherty says the market is holding its breath ahead of the report. “The general expectations are a confirmation of the tight soybean supplies and a slight decrease in the corn carryout. The soybean carryout was 120 million last month. I’ve tried to ask myself if there’s a surprise, where is it? With private estimates pushing up the Brazilian production another million metric tons, you wonder if there isn’t room for the USDA to raise projected bean carryout and lower exports.” USDA doesn’t really have a whole wiggle room. “It goes back to my original argument, there’s not much room to lower anything.”
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