Dale Johnson, Farm Management Specialist
University of Maryland
Information from USDA WASDE report
The following is a summary of the April 9 WASDE published on April 9. As expected, ethanol production was down significantly from the March report due to factors related to COVID-19 and the overproduction of crude oil by Russian and Saudi Arabia. These factors decreased demand for corn by 375 million bushel. This was partially offset by an increase in the estimate for feed and residual of 150 million bushel. The net effect is an increase of 200 million bushel of corn in ending stocks and an associated increase in the ending stocks to use ratio from 13.4% to 15.1%
Soybean exports were down 50 million bushel and with other minor adjustments increased the ending stocks from 425 to 480 million bushel and an increase in the stocks to use ratio from 10.5% to 12.0%.
Wheat feed and exports were down, increasing the ending stocks from 940 to 970 million bushel and an associated increase in the ending stocks to use ratio from 43.4% to 45.4%.
These changes in estimates were mostly expected so they had little effect on futures prices.
