USDA releases April WASDE

The USDA released its April WASDE report on Friday.

Dan Basse is president of AgResource Company in Chicago.

"WASDE was once again conservative. They left corn end stocks at 1.44 billion bushels, raising ethanol demand 25 million bushels...Exports stayed the same at 2.5 billion bushels which relative to the pace that's established, seems to be somewhat of a misnomer. We think exports should have room to grow."

The USDA also adjusted the Ukrainian corn exports down by 4.5 million metric tons.

Basse notes the USDA dropped soybean stocks by 25 million bushels to 260 million bushels, which is three million bushels above last year.

World wheat end stocks were marginally higher because of extra supplies within the Black Sea. The U.S. was marginally higher due to a change in feed residual usage.

Basse says very little seeding has taken place so far in the United States as weather conditions have remained too wet and too cold.