U.S. corn, soybean, wheat ending stocks up on month
The USDA has raised domestic ending stocks projections for corn, soybeans, and wheat. Corn ending stocks were up 200 million bushels on the month at nearly 2.1 billion with the USDA slashing the ethanol use estimate as blending demand drops because of coronavirus related stay at home and social distancing regulations, more than cancelling out a higher feed and residual use guess. The soybean supply is seen at 480 million bushels, an increase of 55 million from March because of a lower export use projection due to heavy competition from Brazil and slower demand from China. The USDA also reduced its’ soybean oil for biodiesel use estimate. U.S. wheat ending stocks were up 30 million bushels at 970 million on lower expectations for feed and export demand.
Globally, the USDA raised corn and wheat ending stocks, but cut soybeans on lower production estimates for Argentina and Brazil following dry weather during critical development periods. The department did increase export projections for Brazil and imports by China.
The 2019/20 marketing year started June 1st for wheat, September 1st for corn and soybeans, and October 1st for soybean products.
The USDA’s next set of supply and demand estimates is out May 12th.