WASHINGTON (DTN) -- USDA increased U.S. corn ending stocks by 25 million bushels in the April World Agricultural Supply and Demand Estimates while lowering soybean ending stocks by 15 million bushels.
Both changes fell well within the pre-report estimates as USDA made only subtle changes in ending stocks and production figures in the report.
Crop Production:http://www.nass.usda.gov/…
World Agricultural Supply and Demand Estimates (WASDE):http://www.usda.gov/…
CORN
USDA raised projected ending stocks for the 2015-16 crop to 1.862 billion bushels. USDA lowered corn feed and residual use by 50 million bushels but also raised corn use in ethanol production by 25 million bushels.
Globally, USDA increased Argentina corn production by 1 million metric tons from the March report, which bumped Argentina's production to 28 million metric tons. USDA stood pat on Brazil's corn production at 84 million metric tons.
Regarding the average farm price, USDA trimmed the projected average price by five cents to $3.55 per bushel.
SOYBEANS
USDA pegged ending stocks for new-crop soybeans at 445 million bushels, slightly below the pre-report average and 15 million bushels lower than the March report. Soybean exports were increased by 15 million bushels, reflecting stronger soybean demand in China, Iran, Bangladesh and Mexico.
Global soybean production was left virtually unchanged from the March report because a projected boost in Argentina's production was offset due to a decline in India's soybean production.
USDA held steady on the average soybean price at $8.75 per bushel, but lowered the potential market-year high from $9.25 to $9.
WHEAT
U.S. wheat ending stocks were estimated at 976 million bushels, up 10 million bushels from the March report. If realized, these would be the largest wheat ending stocks since 1987. USDA reduced feed and residual use to reflect lower disappearance since last September.
Global wheat supplies were raised 1 million metric tons, bringing global wheat production to a record 733.1 million metric tons.
The average wheat price for farmers was lowered from $5 per bushel to $4.95.