# March WASDE: USDA Steps Down Brazil Soybean Production

> USDA's March WASDE report cut Brazil's 2023/24 soybean production to 155 million tonnes from 156 million, below the trade's expectation of 151.6 million? The report pegged Argentina corn at 56 million tonnes and Brazil corn at 124 million tonnes. U.S. corn, soybean and wheat ending stocks were set at 2.172 billion, 315 million and 673 million bushels respectively.

- Date: 2024-03-08 · published 2024-03-08T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/31129-march-wasde-usda-steps-down-brazil-soybean-production
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A smaller Brazil soybean crop tightens the South American balance and supports soybean meal and oil prices, while record South American corn keeps feed grain supplies ample.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2024-03-08 | [USDA Cuts Brazil Soy Production 1 MMT](https://feedsoft.ai/events/31135-usda-cuts-brazil-soy-production-1-mmt.md) | +2.1% | +2.4% |
| SOY | 2021-01-12 | [USDA: corn, soybean production up in 2020 - Brownfield Ag News](https://feedsoft.ai/events/49002-usda-corn-soybean-production-up-in-2020-brownfield-ag-news.md) | +0.8% | +2.0% |
| SOY | 2020-10-09 | [U.S. Corn and Soybean Production Down from September](https://feedsoft.ai/events/50491-u-s-corn-and-soybean-production-down-from-september.md) | +1.2% | +4.9% |
| SOY | 2020-10-09 | [USDA Lowers Soybean Ending Stocks, Trims Production](https://feedsoft.ai/events/50595-usda-lowers-soybean-ending-stocks-trims-production.md) | +1.2% | +4.9% |
| SOY | 2023-08-11 | [USDA Lowers Corn and Soybean Yields and Production](https://feedsoft.ai/events/12250-usda-lowers-corn-and-soybean-yields-and-production.md) | -5.3% | -4.4% |
| SBM | 2024-03-08 | [USDA Cuts Brazil Soy Production 1 MMT](https://feedsoft.ai/events/31135-usda-cuts-brazil-soy-production-1-mmt.md) | -1.4% | -3.2% |
| SBM | 2020-10-09 | [U.S. Corn and Soybean Production Down from September](https://feedsoft.ai/events/50491-u-s-corn-and-soybean-production-down-from-september.md) | +3.6% | +8.0% |
| SBM | 2023-08-11 | [USDA Lowers Corn and Soybean Yields and Production](https://feedsoft.ai/events/12250-usda-lowers-corn-and-soybean-yields-and-production.md) | -5.6% | -6.0% |

## Sources

- agriculture.com: https://www.agriculture.com/march-wasde-8606144

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.