The USDA’s April 11 WASDE report showed demand for corn increased while soybean demand decreased. The report pegged the U.S. 2023/2024 corn ending stocks lower month-over-month, but not as low as the trade expected. Soybean ending stocks were increased by 25 million bushels, more than the trade expected. Wheat ending stocks were pegged higher than expected as well.

The U.S. corn outlook is for greater corn used for ethanol, feed and residual. The outlook for U.S. soybean supply and use includes lower imports, residuals and exports. The U.S. outlook for wheat is for lower supplies, reduced domestic use and unchanged exports.

USDA decreased global corn, soybean and wheat ending stocks. For corn and soybeans, the decreases were smaller than expected. Concerning wheat, the trade expected an increase in ending stocks.

Read more on the April 11 WADSE report here.