In the April WASDE, USDA lowered its 2020/21 U.S. corn ending stocks forecast by 150 million bushels to 1.352 billion bushels. This change to carryout is due to both exports and domestic use each rising 75 million bushels. For 2020/21, exports are now forecast at a record 2.675 billion bushels, feed use at 5.700 billion bushels, and corn used for ethanol at 4.975 billion bushels.
U.S. 2020/21 soybean ending stocks were left unchanged at 120 million bushels despite the 2020/21 export forecast rising by 30 million bushels to 2.280 billion bushels. Higher exports were offset by cuts to the domestic crush, now forecast at 2.190 billion bushels, seed, and residual categories.