WASDE Report Bullish for Corn, Wheat, Bearish for Soybeans – DTN

    Corn stocks at an elevator location during harvest. ©Debra L Ferguson Stock Images

    USDA on Friday lowered corn ending stocks for the 2020-21 by 150 million bushels (mb) to 1.352 billion bushels (bb) but held pat with soybean ending stocks at 120 mb.

    USDA raised corn use for feed, seed and industrial use, as well as exports to drop the ending stocks for the crop.

    USDA on Friday released its monthly World Agricultural Supply and Demand Estimates (WASDE) report.

    According to DTN Lead Analyst Todd Hultman, Friday’s U.S. ending stocks estimates were neutral for corn, soybeans and wheat. Meanwhile, the world ending stocks estimates were bullish for corn and wheat, but bearish for soybeans.

    You can also access the full reports here:

    • For DTN’s exclusive audio comments on today’s reports, visit here.
    • Crop Production: here.
    • World Agricultural Supply and Demand Estimates (WASDE): here.


    USDA increased total corn use by 150 mb, increasing feed and residual used by 50 mb, raising ethanol use by 25 million and increasing exports by 75 mb.

    Ethanol use was increased to 4.975 bb, up 25 mb from March.

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    Exports were increased to 2.675 bb, based on higher export inspection data for March and was the largest monthly total export total on record.

    Ending stocks for the 2020-21 corn crop came in at 1.352 bb. The pre-report average for corn stocks came in at 1.346 bb.

    The stocks-to-use ratio for the 2020-21 corn crop comes in at 9.15%, down from 10.2% last month.

    Despite the higher use and demand, USDA held pat of the farmgate price, leaving it unchanged at $4.30 a bushel.

    Globally, USDA lowered beginning stocks to 302.99 million metric tons (mmt), but increased production by 740,000 metric tons (mt) to 1,137.05 mmt. Exports globally were increased 710,000 mt as well. Global ending stocks were lowered 3.82 mmt to 283.85 mmt. USDA also lowered Argentina’s corn production by 500,000 metric tons to 47.5 mmt. Brazil’s corn production was held steady at 109 mmt, the same as March.


    U.S. soybean ending stocks were left unchanged from the March report, at 120 mb, well within pre-report expectations. USDA bumped exports up 30 mb, which was offset by a 10 mb drop in crushings and a 19 mb decrease in seed and residual use.

    Soybean farmgate prices were bumped up 10 cents to $11.25 per bushel.

    Globally, USDA increased soybean ending stocks to 86.87 mmt, above pre-report expectations, and based on higher stocks for China and Brazil. Global production was also raised 1.37 mmt to 363.19 mmt, thanks in part to Brazil’s estimated soybean production being bumped up 2 mmt to 136 mmt. USDA left Argentina’s production unchanged at 47.5 mmt. Global soybean exports were increased 1.19 mmt, with Brazil, Russia and U.S. exports adjusted upward, while Paraguay and Ukraine shipments were lowered.


    USDA lowered imports for the 2020-21 crop by 10 mb to 110 mb, which lowered total supply for the 2020-21 wheat crop to 2.964 bb.

    Food and seed use were held pat, but USDA lowered use for feed and residual use by 25 mb to 100 mb, citing lower use reported in the NASS Grain Stocks report at the end of March. Total domestic use was lowered by 25 mb to 1.128 bb.

    Exports were held pat as well at 985 mb.

    Total use was lowered 25 mb to 2.113 bb.

    Ending stocks were bumped up 16 mb to 852 mb.

    USDA maintained the farmgate price for wheat at $5 a bushel, the same as March.

    U.S. ENDING STOCKS (Million Bushels) 2020-21
    Mar Average High Low Mar 2019-20
    Corn 1,352 1,346 1,502 1,176 1,502 1,919
    Soybeans 120 119 135 105 120 525
    Wheat 852 849 877 831 836 1,028
    WORLD ENDING STOCKS (million metric tons) 2020-21
    Mar Avg. High Low Mar 2019-20
    Corn 283.9 284.9 286.7 282.4 287.7 303.1
    Soybeans 86.9 83.7 85.0 82.7 83.7 96.0
    Wheat 295.5 301.7 303.0 297.8 301.2 300.3
    WORLD PRODUCTION (million metric tons) 2020-21
    Mar Avg High Low Mar 2019-20
    Argentina 47.0 46.8 47.5 45.0 47.5 51.0
    Brazil 109.0 108.3 110.0 105.1 109.0 102.0
    Argentina 47.5 46.8 47.5 44.5 47.5 48.8
    Brazil 136.0 134.4 137.0 133.0 134.0 128.5

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