2 FI PDF’s attached
There were no surprises in USDA’s corn for ethanol use for the month of March. DDGS production is on the rise.
USDA March US soybean crush came in 0.1 million bushels below expectations at 188.2 million, 6.1 million per day, up from 5.9 million per day for February and down from 6.2 million for March 2020. Soybean oil stocks declined to 2.245 billion from 2.306 billion at the end of February and are below 2.327 billion a year ago. Stocks were 78 million pounds below a Bloomberg trade guess. Soybean meal stocks also fell to 448,000 short tons from 584,000 at the end of February. We find this bullish SBO and meal relative to soybeans. See PDF for regional breakdown.
Senior Commodity Analyst – Grain and Oilseeds
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ICE IM: treilly1
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