In the April WASDE report, the USDA raised U.S. wheat ending stocks to 852 million bushels primarily on a 10 million bushel reduction in imports. USDA kept wheat exports unchanged and reduced feed and residual use. USDA lowered U.S. corn ending stocks to 1.35 billion bushels, in-line with trade estimates on higher feed and residual use, along with increased ethanol use and larger exports. U.S. soybean ending stocks were left unchanged at 120 million bushels, also within trade expectations.
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