Coarse Grains
Small increase in World coarse grain ending stocks to 128.4mmt from 125.9mmt.
World coarse grain consumption 1063mmt, up .8mmt with Egypt corn up, EU-27 milo up as well as N Africa.
The increase in stocks was driven mostly by Brazil, but also small increases around the world like: India +.5mmt, Philippines .4mmt, Aussie milo +.3mmt and India milo +.3mmt.
Brazil corn crop increased from 50 to 53mmt, exports increased 8.5 to 9.1mmt.
No changes to the U.S. balance sheet, as USDA awaits the Mar stocks report at month end.
Oilseeds
Extended US export program has USDA increasing US exports 20mbu to 1025mbu, lowering ending stocks from 160 to 140mbu. Crush unchanged in this report.
SAM crop size – Brazil 61mmt, up .5mmt – but exports projected down 2mmt from last month as crush up 2mmt, causing a +.9mmt increase in meal exports for Brazil than last month and more internal use for meat in Brazil. Argentina production 47mmt unchanged.
Global soybean ending stocks increased slightly by 1.62mmt
Soybean oil average marketing year prices in Decatur projected between 53 – 57c/lb up 5c on both ends. The US soybean oil stocks increased on a bump up in the extraction rate this month from 11.4 to 11.55lb/bu. As biodiesel margins declined, USDA lowered domestic use of soybean oil from 19.5B lbs to 18.9B lbs, biodiesel use declined from 3.4B lbs to 2.8Blbs and exports were increased from 1.95B lbs to 2.4 B lbs. Ending stocks increased from 2.5B lbs. to 2.837B lbs.
Soybean meal average price in Decatur increased from 305-335 to 320 – 350/t. No changes in the balance sheet of US meal this month.