Higher than expected ending stocks for corn, beans, and wheat. Corn use for ethanol is down 375 million bushels. Bean exports down 50 million bushels. South American bean crop was also reduced. The next USDA report is out on May 12.
The below chart is courtesy of Mid-Co Commodities
USDA report – April 9, 2020
| USDA –April | Avg. Est. | USDA-March | |
| Corn ending stocks 19/20 | 2.092 | 1.990 | 1.892 |
| Bean ending stocks 19/20 | 0.480 | 0.444 | 0.425 |
| Wheat ending stocks 19/20 | 0.970 | 0.945 | 0.940 |
| USDA –April | Avg. Est. | USDA-March | |
| Brazil Corn | 101.0 | 100.3 | 101.0 |
| Brazil Soybeans | 124.5 | 124.2 | 126.0 |
| Argentina Corn | 50.0 | 49.7 | 50.0 |
| Argentina Soybeans | 52.0 | 52.7 | 54.0 |
