(WASHINGTON D.C.) — On Thursday, USDA released the latest World Agricultural Supply and Demand Estimates for the month of April. On the report, U.S. ending stocks for corn, soybeans and wheat all came in higher than pre-report estimates. U.S. soybean stocks rose to 340 million bushels, up 25 million on the month. Corn stocks dropped 50 million to 2.122 billion bushels. Wheat stocks rose to 698 million bushels, up 25 million from last month. USDA also did raise corn feed use by 25 million bushels and increased ethanol usage of corn by 25 million bushels.
On the South American crops, USDA says Brazil’s corn is unchanged this month at 124 million metric tons. USDA says the Brazil soybeans crop is unchanged at 155 mmt while they put last year’s soybean crop at 162 mmt. The Argentine corn crop was cut just 1 million metric tons to 55 mmt while soybeans were unchanged at 50 mmt.
Read the full WASDE report here: https://www.usda.gov/oce/commodity/wasde
Stay tuned for more analysis and reaction of the report. Also, hear analysis and recap of the report below with Arlan Suderman, Chief Commodities Economist at StoneX:
