USDA April WASDE Report Recap

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First the data: 

USDA 2019/20 US Carryout (Billion Bushels) 

April Actual

Average Estimate 

USDA March 

CORN

2.09

2.00

1.89

SOYBEANS

0.48

0.43

0.43

WHEAT

0.97

0.94

0.94

USDA 2019/20 World Carryout (Million Tons) 

CORN

303.17

298.50

297.34

SOYBEANS

100.45

101.10

102.44

WHEAT

292.78

287.37

287.14

USDA 2019/20 So. Amer. Production (Million Tons) 

ARG CORN

50.00

49.60

50.00

ARG SOY

52.00

52.49

54.00

BRZ CORN

101.00

100.56

101.00

BRZ SOY

124.50

123.88

126.00

The main takeaway is that the changes were not as severe as many expected.

Yes, U.S. ending stocks increased for corn, wheat, and soybeans.

However, the World numbers were mixed. Increases for corn and wheat, but a decrease for soybeans, as the USDA reduced soy production estimates in both Argentina and Brazil from the March estimates. Those are still BIG numbers in South America, just not quite as big as they were. 

Prior to the report, corn was down slightly, and beans were 5 to 7 higher. Immediately after the report, corn was down a couple, beans about the same. 

As of 11:15 A.M., corn is up 1 and beans are up 7 to 8.