In the April supply/demand report, USDA reduced U.S. wheat feed and residual use by 10 million bushels and lowered exports by 20 million bushels. That resulted a 31.5 million bushel increase in wheat ending stocks, and carryout is estimated at 1.09 billion bushels. USDA raised the season-average farm price by five cents to $5.20 per bushel. USDA lowered corn feed and residual use by 75 million bushels to 5.3 billion bushels. Ethanol use dropped 50 million bushels to 5.5 billion bushels. Corn exports were reduced by 75 million bushels to 2.3 billion bushels. With supply unchanged and lower usage, USDA raised ending stocks by 200 million bushels to 2.04 billion bushels. Changes to U.S. soybean supplies included lower imports, higher seed usage and lower ending stocks. USDA kept soybean crush and exports unchanged, resulting in a five million bushel decrease in carryout of 895 million bushels.
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