Dale Johnson, Farm Management Specialist
University of Maryland
Information from USDA WASDE report
Attached is the summary for the April 2021 WASDE.
Corn
Supply estimates were unchanged. Feed and residual estimate was increased 50 million bushel. Ethanol estimate was increased 25 million bushel. Exports estimate was increased 75 million bushel. The total increase in demand was 150 million bushel decreasing ending stocks the same amount and decreasing the stocks-to-use ratio from 10.3% to 9.2%, the lowest since the 2012/13 marketing year. The Prospective plantings report on March 31 estimated 2021 corn acres at 91.1 million acres which was below expectations. This sent corn prices limit up on March 21. They have continued to climb. Nearby futures are trading in the $5.70 per bushel range and December Corn hit a high of $5.04 per bushel on April 9.
Soybeans
Supply estimates were unchanged. Crushings estimate decreased 10 million bushel. Exports increased 30 million bushel. Seed & residual decreased 20 million bushel. Total demand and ending stocks remained unchanged. The 2.6% stocks-to-use ratio is the lowest since the 2012/13 marketing year. The Prospective plantings report on March 31 estimated 2021 soybean acres 87.6 million acres which was below expectations. This sent soybean prices limit up on March 21. Nearby futures are trading in the $14 per bushel range and November futures closed at $12.63 per bushel on April 9.
Wheat
Wheat import estimate was decreased 20 million bushel. Feed and residual estimate was decreased 25 million bushel. These changes resulted in an increase in ending stock estimates of 16 million bushel and an increase in the stocks-to-use ratio to 40.3%. Since last month wheat futures have declined but in the past few days they have recovered and are trading in the $6.40 per bushel range for nearby futures contracts.
