March 2025 USDA - WASDE Crop Production, World Supply/Demand Report Headline Recap

<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><p dir=\"ltr\" id=\"isPasted\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">March 2025 USDA - WASDE Crop Production, World Supply/Demand Report Headline Recap</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">=========================================</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">= &nbsp; &nbsp; &nbsp; US Production&nbsp;</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">= &nbsp; &nbsp; &nbsp;&nbsp;</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">=========================================</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**USDA March US 2025 Cotton Production: 14.410 mln bales; prev rpt 14.410</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**USDA March US 2024/25 Florida Orange Crop Production: 11.60 million boxes; prev rpt 11.50 mln boxes</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">=========================================</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">= &nbsp; &nbsp; &nbsp; US Carryout</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">= &nbsp; &nbsp; &nbsp;&nbsp;</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">=========================================</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**USDA March US Corn 24/25 Carryout: 1.540 bln bu; expected 1.52 bln bu; prior rpt = 1.540</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**USDA March US Wheat 24/25 Carryout: 0.819 bln bu; expected 0.79 bln bu; prior rpt = 0.794</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**USDA March US Soybean 24/25 Carryout: 0.380 bln bu; expected 0.37 bln bu; prior rpt = 0.380</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**USDA March US Cotton 24/25 Carryout: 4.90 mln bales; prior rpt = 4.90 mln bales</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**USDA March US Soyoil 24/25 Carryout: 1.531 bln lbs; prior rpt = 1.531 bln lbs</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**USDA March US Soymeal 24/25 Carryout: 450,000 tons ; prior rpt = 450,000 tons</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**USDA March US Rice 24/25 Carryout: 47.0 mln cwt; prior rpt = 47.0 mln cwt</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">========================================</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">= &nbsp; &nbsp; &nbsp;USDA World Carryout</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">= &nbsp; &nbsp; &nbsp;</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">=========================================</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March World 24/25 Wheat Carryout: 260.08 mmt; expected 257.60 mmt; prior rpt = 257.56</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March World 24/25 Corn Carryout: 288.94 mmt; expected 289.90 mmt; prior rpt = 290.31</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March World 24/25 Soybean Carryout: 121.41 mmt; expected 124.60 mmt; prior rpt = 124.34</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March World 24/25 Soymeal Carryout: 17.35 mmt; prior report = 16.85</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March World 24/25 Soyoil Carryout: 6.08 mmt; prior report = 5.11</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March World 24/25 Rice Carryout: 181.51 mmt; prior report = 181.63</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:#ffffff;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March World 24/25 Cotton Carryout: 78.33 mmt; prior report = 78.41</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">=======================================</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">= &nbsp; &nbsp; &nbsp; USDA WASDE World Production</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">= &nbsp; &nbsp; &nbsp;&nbsp;</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">=======================================</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March Argentina 24/25 Corn Output: 50.0 mmt; expected 49.0 mmt; prior rpt = 50.0</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March Brazil 24/25 Corn Output: 126.0 mmt; expected 126.1 mmt; prior rpt = 126.0</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March S Africa 24/25 Corn Output: 16.0 mmt; prior rpt = 17.0</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March Ukraine 24/25 Corn Output: 26.80 mmt; prior rpt = 26.50</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March China 24/25 Corn Output: 294.92 mmt; prior rpt = 294.92</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">========================================</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March Argentina 24/25 Wheat Output: 18.50 mmt; prior rpt = &nbsp;17.70</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March Aussie 24/25 Wheat Output: 34.11 mmt; prior rpt = 32.00</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March Canada 24/25 Wheat Output: 34.96 mmt; prior rpt = 34.96</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March EU 24/25 Wheat Output: 121.30 mmt; prior rpt = 121.30</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March Russia 24/25 Wheat Output: 81.60 mmt; prior rpt = 81.50</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March Brazil 24/25 Wheat Output: 7.89 mmt; prior rpt = 7.89</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March China 24/25 Wheat Output: 140.1 mmt; prior rpt = 140.1</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March India 24/25 Wheat Output: 113.29 mmt; prior rpt = 113.29</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March Kazakhstan 24/25 Wheat Output: 18.58 mt; prior rpt = 18.58</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">=======================================&nbsp;</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March Argentina 24/25 Soybean Output: 49.0 mmt; expected 48.9 mmt; prior rpt = 49.0</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**WASDE March Brazil 24/25 Soybean Output: 169.0 mmt; expected 169.2 mmt; prior rpt = 169.0</span></p></div>