The March supply/demand covers old crop demand revisions for the US balance sheet. The world focus is typically with South American production changes. USDA laid out a general guide for the trade on new crop with their 2/23 AgForum estimates. The first “official” new crop estimates from USDA will start with the March 30 Prospective Plantings. The first new crop numbers won’t be posted to this monthly supply/demand until May.
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