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USDA Reports Summary          04/09 12:19

   USDA Lowers Corn Ending Stocks on Friday

   USDA on Friday released its latest April Crop Production and World 
Agricultural Supply and Demand Estimates (WASDE) reports.

By DTN Staff

   This article was originally posted at 11:05 a.m. CST. It was updated at 
12:18 p.m.


   OMAHA (DTN) -- USDA on Friday lowered corn ending stocks for the 2020-21 by 
150 million bushels (mb) to 1.352 billion bushels (bb) but held pat with 
soybean ending stocks at 120 mb.

   USDA raised corn use for feed, seed and industrial use, as well as exports 
to drop the ending stocks for the crop.

   USDA on Friday released its monthly World Agricultural Supply and Demand 
Estimates (WASDE) report.

   According to DTN Lead Analyst Todd Hultman, Friday's U.S. ending stocks 
estimates were neutral for corn, soybeans and wheat. Meanwhile, the world 
ending stocks estimates were bullish for corn and wheat, but bearish for 

   Stay tuned throughout the morning and refresh this page often as we will be 
sending a series of updates with the important highlights from today's reports, 
including commentary from our analysts.

   You can also access the full reports here:

   For DTN's exclusive audio comments on today's reports, visit: 

   -- Crop Production: https://www.nass.usda.gov/       

   -- World Agricultural Supply and Demand Estimates (WASDE): 


   USDA increased total corn use by 150 mb, increasing feed and residual used 
by 50 mb, raising ethanol use by 25 million and increasing exports by 75 mb.

   Ethanol use was increased to 4.975 bb, up 25 mb from March.

   Exports were increased to 2.675 bb, based on higher export inspection data 
for March and was the largest monthly total export total on record.

   Ending stocks for the 2020-21 corn crop came in at 1.352 bb. The pre-report 
average for corn stocks came in at 1.346 bb.

   The stocks-to-use ratio for the 2020-21 corn crop comes in at 9.15%, down 
from 10.2% last month.

   Despite the higher use and demand, USDA held pat of the farmgate price, 
leaving it unchanged at $4.30 a bushel.

   Globally, USDA lowered beginning stocks to 302.99 million metric tons (mmt), 
but increased production by 740,000 metric tons (mt) to 1,137.05 mmt. Exports 
globally were increased 710,000 mt as well. Global ending stocks were lowered 
3.82 mmt to 283.85 mmt. USDA also lowered Argentina's corn production by 
500,000 metric tons to 47.5 mmt. Brazil's corn production was held steady at 
109 mmt, the same as March.


   U.S. soybean ending stocks were left unchanged from the March report, at 120 
mb, well within pre-report expectations. USDA bumped exports up 30 mb, which 
was offset by a 10 mb drop in crushings and a 19 mb decrease in seed and 
residual use.

   Soybean farmgate prices were bumped up 10 cents to $11.25 per bushel.

   Globally, USDA increased soybean ending stocks to 86.87 mmt, above 
pre-report expectations, and based on higher stocks for China and Brazil. 
Global production was also raised 1.37 mmt to 363.19 mmt, thanks in part to 
Brazil's estimated soybean production being bumped up 2 mmt to 136 mmt. USDA 
left Argentina's production unchanged at 47.5 mmt. Global soybean exports were 
increased 1.19 mmt, with Brazil, Russia and U.S. exports adjusted upward, while 
Paraguay and Ukraine shipments were lowered.


   USDA lowered imports for the 2020-21 crop by 10 mb to 110 mb, which lowered 
total supply for the 2020-21 wheat crop to 2.964 bb.

   Food and seed use were held pat, but USDA lowered use for feed and residual 
use by 25 mb to 100 mb, citing lower use reported in the NASS Grain Stocks 
report at the end of March. Total domestic use was lowered by 25 mb to 1.128 bb.

   Exports were held pat as well at 985 mb.

   Total use was lowered 25 mb to 2.113 bb.

   Ending stocks were bumped up 16 mb to 852 mb.

   USDA maintained the farmgate price for wheat at $5 a bushel, the same as 


   Editor's Note: Join DTN Lead Analyst Todd Hultman at 12 p.m. CDT on Friday, 
April 9, for a look at what the day's numbers mean for grain prices. To 
register, visit: https://ag.dtn.com/April_WASDE_WBR_Registration_Page

U.S. ENDING STOCKS (Million Bushels) 2020-21
                Mar      Average      High     Low      Mar      2019-20
Corn            1,352    1,346        1,502    1,176    1,502    1,919
Soybeans        120      119          135      105      120      525
Wheat           852      849          877      831      836      1,028
WORLD ENDING STOCKS (million metric tons) 2020-21
                Mar      Avg.         High     Low      Mar      2019-20
Corn            283.9    284.9        286.7    282.4    287.7    303.1
Soybeans        86.9     83.7         85.0     82.7     83.7     96.0
Wheat           295.5    301.7        303.0    297.8    301.2    300.3
WORLD PRODUCTION (million metric tons) 2020-21
                Mar      Avg          High     Low      Mar      2019-20
Argentina       47.0     46.8         47.5     45.0     47.5     51.0
Brazil          109.0    108.3        110.0    105.1    109.0    102.0
Argentina       47.5     46.8         47.5     44.5     47.5     48.8
Brazil          136.0    134.4        137.0    133.0    134.0    128.5

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