Crop production, WASDE released Thurs.

U.S. corn ending stocks were slightly lowered by USDA in Thursday’s April 11 report.

This was due to higher than expected ethanol use for corn. Corn ending stocks were lowered 50 million bushels which is still higher than the average estimate from analysts before the report was issued. Brazilian soybean production was left unchanged by USDA at 155 million metric tons.

The new crop U.S. ending stocks estimates were considered bearish for soybeans on Thursday and slightly bearish for wheat and corn. World ending stocks estimates from USDA were neutral wheat and somewhat bearish corn and beans.