USDA Reports: April 12, 2016
The USDA released their reports at 11 a.m. today.
For U.S. Corn, they cut 50 million from feed, and increased ethanol usage by 25 million. This increased the ending stocks estimate from 1.837 billion to 1.862. World ending stocks are now pegged at 208.91 million metric tons vs. 207 in the March report.
For U.S. Soybeans, they adjusted exports to account for an extra 15 million bushels, and reduced ending stocks the same amount, from 460 million to 445 million. World ending stocks are now estimated slightly higher, at 79.05 million metric tons vs. 78.9 in the previous report.
Prior to the report, May corn was up about 8 1/2 and December corn was up about 6 at the high. After the report, both dropped back about a nickel. Soybeans also lost some steam after the report. At one point prior to the report, May beans were up 9 and November beans were up about 8. After the report, they were both up about a penny or two.
-Tom Guinan, Grain Origination Manager