AgResource Analysis of USDA’s March Stocks & Seedings Report
USDA’s wheat updates leaned mixed – slightly bearish of HRW and durum prices but to neutral to bullish of SRW/HRS. March 1st US wheat stocks were 1,087 Mil Bu, 30 Mil Bu above expectations due to weaker than expected Dec-February feed/residual disappearance. However, cumulative Jun-Feb feed/residual disappearance at 139 Mil Bu is up 46% from…