USDA’s April World Agricultural Supply and Demand Estimates (WASDE) released Thursday forecasts greater corn used for ethanol and feed and residual use and smaller ending stocks.

Corn used for ethanol is raised 25 million bushels to 5.4 billion based on data through February from the Grain Crushings and Co-Products Production report and weekly ethanol production data as reported by the Energy Information Administration for the month of March. Feed and residual use is increased 25 million to 5.7 billion based on indicated disappearance.

U.S. corn exports remain unchanged at 2.1 billion bushels. Global coarse grain production for 2023/24 is forecast 2.3 million metric tons lower to 1,505 million with declines in production, trade, and ending stocks. Foreign corn production is forecast lower as cuts for South Africa, Argentina, Mexico, and Moldova are partially offset by increases for the EU and the Philippines.