4/11/2024

Apr 11, 2024


The April WASDE report was a certified snoozer and the market deflated quickly after 11:00am. Corn and soybeans had been trading steady around unchanged after Brazil's CONAB update had cut production estimates for Brazil crops. The USDA report simply punted on their South American estimates, leaving everything unchanged with the lone exception being corn production in Argentina reduced by 1 million metric tonne. The USDA increased corn use for feed and ethanol each by 25 million bushels which reduced the 2023/24 ending stocks to 2.122 bln. bu. Soybean exports were reduced by 20 million bushels. A couple other small changes on the soybean balance sheet saw the 2023/24 ending stocks grow from 315 mln bushels to 340 mln bushels.

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