U.S. ending corn stocks for 2023/24 fell by 50 million pounds on a combination of stronger demand for the feed and residual and ethanol categories—both of which were raised by 25 million pounds each. U.S. stocks to use remains bearish at 14.5 percent. 

U.S. 2023/24 soybean ending stocks are higher, not surprisingly as export demand remains weak. That category was lowered by 20 million bushels and, along with some minor reductions to seed and residual use, took ending stocks up to 340 million bushels. Stocks to use is projected at 8.3 percent, up from 6.1 percent in 2022/23. 

Domestic soybean oil ending stocks also got a small boost to 1.627 billion lbs. Although exports were raised by 50 million lbs, imports increased to 500 million lbs and average oil yield increased to 11.77 lbs per bushel, offsetting the export category. 

Changes to sugar supply and demand in the April WASDE were mostly as expected, all resulting in a minor bump of 21,000 STRV in 2023/24 carryout, raising stocks-to-use a tenth of a point to 13.5 percent. The biggest changes to U.S. supply came from imports. Based on volume to date, total high-tier imports were raised 140,000 STRV to 855,000 STRV, up 88 percent YOY and more than double the 2021/22 total. 

Per reporting in March, wheat stocks on hand were larger than expected at 1.087 billion bushels. The most likely explanation was that wheat feed or millfeed demand was down considerably over the winter. That hunch was confirmed in the April WASDE as USDA slashed forecast 2023/24 feed demand by 25 percent from 120 down to 90 million bushels. 

This report summarizes a small sampling of the information available on our IQ Ingredient Intelligence platform. Further insights, statistics, analysis, and pricing information for these commodities and others are available to IQ subscribers.

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Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.