USDA released their April World Agricultural Supply and Demand Estimates Tuesday.  Changes to the US balance sheets were minimal with just minor adjustments to usage and a slightly higher soybean ending stocks figure of 445 million bushels.

However, world ending stocks of both corn and soybeans continue to swell in size thanks to larger production estimates in South America.  Producers in both Brazil and Argentina have generally enjoyed favorable growing conditions and it shows in yield estimates.

World corn ending stocks increased by 2.3 MMT up to 223.0 MMT.  Brazilian corn production is now estimated at 93.5 MMT vs. 91.5 MMT in March. Argentina corn production is now estimated at 38.5 MMT vs 37.5 MMT in March.

World soybean stocks increased by 4.6 MMT up to 87.4 MMT.  Brazilian soybean production is now estimated at 111.0 MMT vs. 108.0 MMT in March. Argentina soybean production is now estimated at 56.0 MMT vs. 55.5 MMT in March.

Read the complete USDA report here

Graphics courtesy of Advance Trading Inc.