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.

Posted by: Information Services
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