Cash Strategist 4-20-22
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 bushels, which was the only alteration to demand. This was still enough to drop the carryout estimate to 260 million bushels, which is a stocks-to-use of 5.8%. Even with this decline, the average cash value on soybeans was unchanged from last month at $13.25 per bushel.
The most changes to domestic balance sheets were on wheat. The USDA lowered wheat exports by 15 million bushels and feed demand by 10 million bushels. This was enough to increase ending stocks to 678 million...
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