USDA Supply and Demand Report

Since the markets were closed on Good Friday and there are no new prices to report today, Allendale, Incorporated's Rich Nelson provides a brief overview of last week's USDA Supply Demand Report. For the most part, Nelson says the report came in as expected as far as the U.S. numbers.

Nelson: "USDA decided to leave corn ending stocks unchanged at last month's number 2.320. While they did lower feed residual numbers, which was discussed based off that previous Grain Stocks Report, they offset that exactly with a 50 million bushel increase in corn for ethanol. So better than expected as far as the corn numbers on the U.S. side. Over on world numbers, looks like the USDA did add to South America's crop numbers which was expected — maybe a little higher than the trade estimate — but it was expected. Argentina was increased by 1 million tons to now 38.5. Brazil was increased by 93.5, which is up about 2 million tons and South Africa increased by about .04 million tons. So higher South American's crops does give us a slightly bearish viewpoint right now but for the most part not any big bearish surprises on corn."

According to the report, U.S. wheat ending stocks were raised 30 million bushels on lower feed and residual use, which more than offset a slight import reduction. At 1.159 million bushels for the country's ending stock numbers, it is projected to reach a near 30-year high. Not much in changes to other major world wheat suppliers, USDA left almost all production numbers unchanged.