USDA’s April Supply and Demand report confirms larger U.S. ending stocks of corn, soybeans and wheat. All were within the range of trade guesses. USDA raised corn ending stocks to 2.09 billion bushels on lower ethanol demand. That more than offsets greater feed and residual use and lower imports. Soybean ending stocks were raised to 480 million bushels on lower exports and seed use. There are higher crush numbers due to lower use of dried distillers grains. Wheat ending stocks were raised to 970 million bushels on lower exports and reduced domestic use. Read the report.
