Much of the domestic supply and demand data in the USDA's April World Agricultural Supply and Demand Estimates (WASDE) report was as expected.
Corn carryout was reduced 150 million bushels as feed usage increased 50 million bushels, ethanol demand was raised 25 million bushels and exports were bumped up 75 million bushels. This left ending stocks at a comfortable 1.35 billion bushels, which was in line with trade estimates.
Soybean ending stocks were left at 120 million bushels, as a 30 million bushel reduction to crush and residual demand was offset by an equal increase in exports. Domestic wheat carryout was raised 16 million bushels to a total of 852 million bushels due to lower feed estimates.
Minimal changes were also made to the global balance sheets. World corn carryout is now projected at 283.9 million metric tons, down 3.8 million metric tons from...