(WASHINGTON D.C.)- On Tuesday, USDA released the April World Agricultural Supply and Demand Estimates report with a few changes of note. This report incorporated the grain stocks numbers that were updated at the end of March.
U.S. corn stocks were unchanged at 1.342 billion bushels, which was above pre-report expectations of 1.319 billion. Soybeans stocks also came in unchanged at 210 million bushels while the trade was expecting a number closer to 198 million bushels. Wheat stocks were up 30 million bushels from March at 598 million. The average pre-report estimate was 574 million bushels.
For South America, USDA lowered Argentina’s soybean production another 6 mmt from last month down to 27 mmt. That was below the average trade estimate of 29.3 mmt. Argentina’s corn production was down 3 mmt to 37 mmt.
USDA left Brazil corn production unchanged at 125 mmt and soybean production went
Brazil #corn is unchanged at 125 mmt. Trade was expecting 126 mmt. #Soybeans up 1 mmt to 154 mmt, near trade expectations. #oatt
