The corn side of the monthly balance sheets contained few changes from March. Feed and residual demand on corn was lowered by 25 million bushels, but an equal increase was made to ethanol consumption. This left the U.S. corn carryout estimate at 1.44 billion bushels, which is a 9.6% stocks-to-use ratio. The average cash corn price projection increased 15 cents to $5.80 per bushel. 

Even fewer changes were made to U.S. soybean balance sheets. The USDA bumped its export forecast up by 25 million...