Carryout (million bushels) | 2013 | Mar 10th | April 9th | +/- |
Corn | 1,232 | 1,777 | 1,827 | +50 |
Soybeans | 92 | 385 | 370 | -15 |
USDA released their April Supply and Demand estimates Thursday updating usage and stocks incorporating information from the Quarterly Stocks report released March 31st. Both corn and soybean carryout figures were within the range of trade expectations. Initial market reaction remained bearish on the day. Earlier, weekly export sales report revealed net cancellations of old crop soybean sales. USDA also increased Argentina soybean production by 1 mmt up to 57 mmt.
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