In the February Supply and Demand report, the USDA lowered Brazil’s soybean ending stocks by six million metric tonnes to 134 million tons. USDA lowered Brazil’s corn ending stocks by one million tonnes to 114 million tonnes. USDA kept Argentina’s corn ending stocks unchanged from last month at 54 million tonnes, but lowered Argentina’s soybean crop by 1.5 million tonnes from January to 45 million tonnes. Year-over-year, USDA’s estimate for Brazil’s soybean ending stocks are down four million tonnes and the corn estimate is down one million tonnes.
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