WASDE report predicts lowered US corn and soybeans prices for April

Published 2024년 4월 15일

Tridge summary

The April World Agricultural Supply and Demand Estimates report for the 2023-24 season outlines significant adjustments in the U.S. agricultural sector, including an uptick in corn usage for ethanol and feed, which results in decreased ending stocks and a lower season-average farm price for corn. Internationally, the report notes a downturn in corn exports from several countries and mixed changes in imports, leading to a slight drop in global corn ending stocks. For soybeans, the U.S. is expected to see reduced imports and exports but an increase in ending stocks, alongside a minor decrease in price forecasts. Wheat projections show a decline in supplies and domestic use but a rise in ending stocks, with a slight reduction in the average farm price. The report also anticipates an increase in red meat and poultry production in 2024, with beef exports and cattle prices expected to rise.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The April World Agricultural Supply and Demand Estimates report (WASDE) showed the 2023-24 U.S. corn outlook having a greater amount of corn used for ethanol, and feed and residual use creating smaller ending stocks. Corn used for ethanol is raised 25 million bushels to 5.4 billion. Feed and residual use is increased 25 million to 5.7 billion. With no supply changes and use rising, ending stocks are lowered 50 million bushels to 2.1 billion bushels. However, the season-average farm price is lowered, again this month, another 5 cents to $4.70 per bushel. Major global trade changes for 2023-24 include lower forecast corn exports for South Africa, India and Tanzania but an increase for Russia. Corn imports are lowered for the EU, Saudi Arabia, Bangladesh, Thailand, Cuba and Kenya but raised for Mexico. Foreign corn ending stocks are essentially unchanged, mostly reflecting declines for Mexico and South Africa that are offset by small increases for several countries. Global corn ...

Source: Progressivecattle