AgResource Analysis of the USDA’s April WASDE Report
USDA raised US wheat end stocks 30 Mil Bu amid reduced feed/residual disappearance and larger exports. ARC agrees with WASDE’s old crop balance sheet following disappointing Dec-Feb feed consumption. But stocks contraction in the US is nearly guaranteed for a 7th consecutive year. ARC now pegs US wheat production in 2023 at 1,780 Mil Bu,…