The April USDA Report showed only small revisions to the U.S. balance sheet. Corn ending stocks came in at 2.183 billion bushel, up 55 million bushel from last month. Soybean carryout was lowered 5 million bushel to 550 million bushel and wheat ending stocks were raised 30 million to 1.064 billion bushel.
Brazil corn production was lowered 2.5 mmt to 92 mmt and Argentina production was lowered by 3 mmt to 33 mmt. USDA also pulled back Argentina soybean production 7 mmt to 40 mmt, but raised the Brazil soybean crop 2 mmt to 115 mmt.
World ending stocks for corn were lowered by 1.4 mmt from March to 197.8 mmt, soybean carryout was lowered 3.6 mmt to 90.8 mmt, but global wheat balance sheets tipped the other way with a 2.3 mmt increase at 271.2 mmt.
