USDA’s April Supply and Demand Report came in largely as expected. The bigger quarterly stocks on corn were worked into the balance sheet with ending stocks estimated at 2.035 billion bushel, up 200 million bushel from last month. World stocks were also raised 5.5 million metric ton to 314.
Soybean ending stocks were pegged at 895 million bushel, down 5 million from March. World carryover was also close to last month at 107.4 mmt.
United States wheat carryout was estimated at 1.087 billion bushel, and increase from last month by 32 million bushel. World stocks were set at 275.6 mmt, which was up 5 million from last month.
