USDA March Estimates Show Minor Changes
USDA’s March crop production reports and supply and demand estimates showed minor changes this week. The U.S. orange production forecast rose slightly month over month, yet will still be down 25% year over year.
Turning to domestic commodity balance sheets, an upward adjustment in ending stocks for corn led to a decrease of 10 cents to the season ending average price, now at $6.60 a bushel.