AgResource Analysis of the April WASDE Report
South American corn balance sheets were left untouched. However, old crop corn exporters stocks and stocks/use were raised noticeably amid revisions to the US balance sheet. Combined exporter 2019/20 stocks/use is now pegged at 12% vs. 11% in March. ARC’s bet is that old crop exporter stocks/use continues to rise as ethanol use is further…