Cash Strategist 4/19/2023
As expected, very few changes took place to the domestic side of balance sheets in the USDA's April World Agricultural Supply and Demand Estimates (WASDE) report.
There was a slight decrease to U.S. corn imports, but an equal decrease to industrial use, which left ending stocks unchanged from March at 1.342 billion bushels. No changes were made to soybean balance sheets from last month, holding ending stocks at 210 million bushels.
Wheat carryout increased 30 million bushels from March, totaling 598 million bushels, as the USDA increased its wheat import forecast and lowered feed demand. All of the April numbers were at the high end of trade estimates.
Average market prices were steady on corn at $6.60 per bushel and soybeans at $14.30 per bushel, while the average wheat estimate declined 10 cents to $8.90.
Minimal changes also took place on the global side of the balance sheets. World corn ending stocks were...
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