The US Department of Agriculture (USDA) raised estimates for Brazilian corn and soybean production above market expectations in its latest report. The USDA's March World Agricultural Supply and Demand Estimates (WASDE) pegged global corn production at 1.05bn t, up by 9.02mn t from last month. The rise reflected record high production expectations from Brazil (91.5mn t) and increased production in Argentina (37.5mn t). US corn ending stocks were unchanged at 2.32bn bushels as increases in projected domestic use for ethanol production were offset by a decline in feed usage.
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