The April WASDE released this morning showed corn ending stocks for 2015/16 at 1.862 billion bushels, 25 million bushels higher than last month. This results from lower feed/residual use of 50 million bushels and higher ethanol use of 25 million bushels. Average farm price was lowered $0.05 to $3.55 per bushel.
Soybean ending stocks were lowered 15 million bushels based on increased exports of 15 million bushels to 1.705 billion bushels. Average farm price was unchanged at $8.75 per bushel with the range narrowed $0.25 on each end.
Wheat ending stocks were increased 10 million bushels to 976 million bushels. Feed and residual use was lowered 10 million bushels. Average farm price was lowered $0.05 to $4.95 per bushel by lowering the upper limit by $0.10.
Sorghum ending stocks were unchanged at 65 million bushels. Feed and residual use was lowered 15 million bushels, food, seed, and industrial use was increased 25 million bushels and exports were lowered 10 million bushels. Average farm price was lowered $0.10 to $3.20 per bushel.
The analysis above is not intended as a trade recommendation. The analysis and forecasts are based on available public data and on the best judgment of PRX, but cannot be guaranteed to conform to future reality.
