USDA made only slight adjustments in the April Supply and Demand Report. Corn ending stocks were raised 25 million bushels to 1.862 billion bushel with a 1 million metric ton increase in world carryout. The agency left Brazilian corn production static, while they raised Argentina production 1mmt to 28mmt.
Wheat ending stocks were also raised 10 million bushels from last month to 976 million bushels, while production was left unchanged at 2.052 billion bushels. World carryout was raised to 239.3mmt, which was up nearly 2mmt from April.
Soybean ending stocks were lowered by 15 million bushels to 445 million bushel due to an increase in exports. And world ending stocks were nearly unchanged at 79mmt. Again the agency left Brazilian production unchanged at 100mmt, but raised Argentina production .5mmt to 59mmt.
