USDA WASDE (April 9): Course Grains, Oilseeds Production Revised Higher From March

This month’s 2020/21 U.S. corn outlook is for greater feed and residual use, increased corn used for ethanol production, larger exports, and lower ending stocks, according to the April 9 U.S. Department of Agriculture World Agricultural Supply and Demand Estimates report.

Feed and residual use is raised 50 million bushels to 5.7 billion based on corn stocks reported as of March 1, which indicated disappearance during the December-February quarter rose about 6 percent relative to a year ago.

Corn used to produce ethanol is raised 25 million bushels based on the most recent data from the Grain WASDE-611-2 Crushings and Co-Products Production report, and the pace of weekly ethanol production during March as indicated by Energy Information Administration data.

Global coarse grain production for 2020/21 is forecast 1.2 million tons higher to 1,446.0 million.

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U.S. soybean supply and use changes for 2020/21 include higher exports, lower crush, residual use, and seed use.

Soybean exports are raised mainly reflecting record exports through the first half of the marketing year.

Soybean crush is reduced this month on a lower domestic soybean meal disappearance forecast and a higher projected extraction rate.

Seed use is reduced in line with plantings for the 2021/22 crop indicated in the March 31 Prospective Plantings report. Residual use is reduced based on indications in the March 31 Grain Stocks report.

The 2020/21 global oilseed outlook includes higher production, exports, and stocks compared to last month.

Global production is raised 2.2 million tons to 598.0 million, with higher soybean, rapeseed, and peanut output partly offset by lower palm kernel, sunflowerseed, and cottonseed.

Global soybean production is raised 1.4 million tons to 363.2 million, mainly reflecting a 2-million-ton increase to 136 million for Brazil.

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