Today’s WASDE report, as expected, left the 2019/20 S&D balance sheets unchanged for U.S. corn and soybeans.
For U.S. corn, all 2019/20 estimates were unchanged from the February report, and ending stocks are still projected at 1.892 billion bushels. For 2018/29, corn use for ethanol was bumped up by 2 million bushels, to 5.376 billion, and feed use was lowered by the same volume.
For U.S. soybeans, all 2018/19 and 2019/20 numbers were unchanged from the February report, and 2019/20 soybean ending stocks are still pegged at 425 million bushels.
The April WASDE report will be the first real opportunity of seeing changes to 2019/20 corn and soybean supply, if USDA analysts have been able to survey enough acres to judge the impact of last fall’s challenging harvest conditions in parts of the Grain Belt.
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