Corn ending stocks in the U.S. were raised while soybean stockpiles for 2017-18 were lowered in the April 10 World Agriculture Supply and Demand Estimates (WASDE) report.
This month’s U.S. corn outlook is for reduced feed and residual use, slightly lower food, seed, and industrial (FSI) use, and increased ending stocks. FSI is lowered 5 million bushels, as a 10-million-bushel reduction in the amount of corn used for glucose and dextrose is partially offset by a 5-million-bushel increase in corn used for starch. Projected feed and residual use is lowered 50 million bushels to 5.5 billion bushels. Overall, ending stocks were raised 55 million bushels to 2.182 billion.
Soybean ending stocks were lowered by 5 million bushels to 550 million. The U.S. soybean supply and use changes for 2017/18 include increased crush, lower seed and residual use. According to the United States Department of Agriculture, soybean crush is projected at a record 1.97 billion bushels, up 10 million, reflecting higher soybean meal prices which are supporting crush margins. Seed use is reduced in line with the plantings indicated in the March 29 Prospective Plantings report. There were no changes in the export outlook.
Soybean production for Brazil is forecast at a record 115 million tons, up 2.0 million on higher projected yields for Mato Grosso, Mato Grosso do Sul, and Parana due to beneficial rainfall during the growing season. For Argentina, production is lowered 7.0 million tons to 40.0 million on reduced harvested area and yield, reflecting dry conditions during January through March.
Projected 2017/18 U.S. wheat ending stocks are raised this month by 30 million bushels to 1.064 billion, all on lower feed and residual use.