April 2021 USDA Wasde and Crop Production: U.S. corn stocks smaller than expected
The USDA released their April WASDE report today, pegging U.S. corn stocks at 1.325 billion bushels, down from 1.502 billion last month. The average trade estimate had corn stocks 44 million bushels larger.
U.S. bean and wheat stocks came in almost exactly where the trade expected.
World corn and wheat stocks were each down nearly 4 million tons from their March estimates. This drawdown of world feed supplies surprised traders, who expected 1 million more tons of corn and six million tons of wheat.
Get ready for Sell Signals in corn and wheat next week.
World bean stocks surprised traders the other way. Ending world bean stocks are estimated to be 86.87 million tons, over 3 million tons from last month and the average trade estimate.
Today?s report did not tighten world bean supplies, which will be disappointing to the bulls. Meanwhile, world corn and wheat farmers have fewer bushels expected to be left over at the end of this season.
Notice all the South American crop production estimates, especially beans are bigger than traders expected.
Source: USDA, StoneX, Reuters
Below are the USDA supply demand tables for corn, beans, and wheat. Bean exports were boosted 30 million bushels, while every category of usage increased in corn compared to last month?s estimate. Click here to see the full WASDE report.
Source: USDA, StoneX, Reuters