As expected, the U.S. Department of Agriculture (USDA) raised domestic carryout totals in the April WASDE report. This was most noted in corn, where demand was cut 375 million bushels due to significant reductions in ethanol manufacturing.
A portion of this was negated by a 150 million bushel increase in feed usage, but ending stocks still increased to 2.09 billion bushels compared to 1.89 billion bushels in March. Global corn reserves were increased to 303.2 million metric tons from the 297.3 million metric tons projection in March, mainly from the increase in U.S. carryout.
The U.S. soybean carryover number also increased from March to April. The domestic crush number was raised 20 million bushels due to a projected decline in distillers grain competition, but this was negated by a 50 million bushel decrease in exports and a 20 million bushel decrease in residual usage. This caused ending stocks to increase 55 million bushels from March to a total of 480 million bushels. The global soybean reserve ...
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