The April WASDE report was neutral with no major surprises. Perhaps the most noteworthy piece of information was the estimate of U.S. ending stocks for the 2023/24 crop year. Prior to the release of the April report, the trade’s attention focused on the USDA’s estimates of the South American corn and soybean crops. Specifically, the difference between the USDA and CONAB estimates of the Brazil soybean crop (USDA’s 155 MMT versus CONAB’s 146.5 MMT).

A quick note on the prospective plantings report for 2024: the April WASDE report will not reflect USDA’s 2024 Prospective Plantings figures. Per USDA’s policy, the May WASDE report will contain the first projections for 2024/25 growing season.