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Corn, wheat, and soybeans futures were all lower on this USDA report day.
Report summary
Highlights:
• The market reaction has been very limited after the report.
• Corn ending stocks down 50 mbu. Bean stocks up 25 mbu.
• Wheat stocks were up 25 mbu.to 698 mbu.
• Brazil corn and ARG bean production numbers were unchanged.
• ARG corn down 1 MMT to 55 MMT. Brazil beans unchanged at 155 MMT.
• USDA's Brazil bean number now 8.5 MMT higher than Conab.
• USDA's Brazil corn number is 13 MMT higher than Conab.
• World corn ending stocks down 1.4 MMT to 318.3 MMT.
• World soybean ending stocks mostly steady at 114.22 MMT.
• World wheat ending stocks flat at 258.3 MMT.
• Next WASDE report: May 10
Demand:
• Corn 23/24: Feed/Residual up 25 mbu. Ethanol up 25 mbu.
• Beans 23/24: Exports down 20 mbu. to 1.700 Bln. Seed/Residual down 11 mbu.
• Wheat 23/24: Feed/Residual down 30 mbu.
World (23/24):
• Brazil soybean production at 155 MMT, steady from March.
• Argentina soybean production at 50 MMT, unchanged from March.
• Brazil bean exports flat at 103 MMT.
• China bean imports flat at 105 MMT.
• Brazil total corn production 124 MMT, unchanged from last month.
• Argentina corn production 55 MMTs, down 1 MMT.
• Mexico corn production down 0.7 MMT to 23.3 MMT. Imports up 0.5 MMT.
• Russia wheat exports up 1 MMT to 52 MMT.
• Ukraine wheat exports up 1.5 MMT to 17.5 MMT., which is the 6th straight month of a increase.
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