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 –AprilAvg. Est.USDA-March
Corn ending stocks 19/202.0921.9901.892
Bean ending stocks 19/200.4800.4440.425
Wheat ending stocks 19/200.9700.9450.940
 USDA –AprilAvg. Est.USDA-March
Brazil Corn101.0100.3101.0
Brazil Soybeans124.5124.2126.0
Argentina Corn50.049.750.0
Argentina Soybeans52.052.754.0