There is a wide range of trade guesses for corn ending stocks ahead of the April USDA Supply and Demand report. “I honestly don’t know if stocks will be dramatically larger. They will be bigger because of the 97 million acres forecast in the March Prospective Plantings report,” says Steve Wagner, market analyst, CHS Hedging. “The stocks from last month’s report were actually lower. That’s a good sign they’re maybe using up the corn. I’m not looking for big, bearish news.” While there is downside risk, Wagner does not expect to see a major move lower for corn. “The acreage should be in there. Most people were running against the trend-line yields. I’m cautiously optimistic we can’t take 20 to 30 cents out of corn.” The USDA releases the report 11 a.m. central on Thursday.
