# Here's Why Analysts Are Scratching Their Heads After USDA's New WASDE Report

> USDA's April WASDE lowered 2023/24 US corn ending stocks by 50 million bushels to about 2.1 billion, while raising soybean and wheat ending stocks by 25 million bushels each. The corn, soybean and wheat stock estimates all came in above trade expectations. Analysts pointed to higher ethanol demand for corn and a cut in soybean exports.

- Date: 2024-04-11 · published 2024-04-11T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/30670-here-s-why-analysts-are-scratching-their-heads-after-usda-s-new-wasde-report
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Higher-than-expected soybean and wheat stocks are bearish for those markets, while the corn cut and stronger ethanol demand give some support to feed corn prices. Feed buyers should expect ample soybean meal and wheat supplies.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- CORN: bullish ▲
- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2021-04-09 | [USDA’s WASDE report confirms corn stocks are shrinking](https://feedsoft.ai/events/47547-usda-s-wasde-report-confirms-corn-stocks-are-shrinking.md) | +1.1% | +23.4% |
| CORN | 2020-09-29 | [USDA’s Approach on Crop Report a ‘Head Scratcher’ \| Red River Farm Network](https://feedsoft.ai/events/51065-usda-s-approach-on-crop-report-a-head-scratcher-red-river-farm-network.md) | +0.3% | +11.2% |
| CORN | 2017-09-11 | [Watch USDA’s WASDE Report, Hurricane Irma, and China’s Soybean Imports](https://feedsoft.ai/events/68856-watch-usda-s-wasde-report-hurricane-irma-and-china-s-soybean-imports.md) | +1.5% | +4.0% |
| CORN | 2024-05-10 | [What You Need to Know About USDA's May WASDE Report - AgWeb](https://feedsoft.ai/events/13182-what-you-need-to-know-about-usda-s-may-wasde-report-agweb.md) | +2.4% | +2.7% |
| CORN | 2016-10-13 | [USDA WASDE Report at a Glance](https://feedsoft.ai/events/9407-usda-wasde-report-at-a-glance.md) | +2.3% | +2.5% |
| SOY | 2023-07-12 | [Here's What You Need to Know About USDA's July WASDE Report - AgWeb](https://feedsoft.ai/events/34980-here-s-what-you-need-to-know-about-usda-s-july-wasde-report-agweb.md) | -1.9% | -6.0% |
| SOY | 2023-11-09 | [USDA's WASDE report throws a few curveballs - Grainews](https://feedsoft.ai/events/33119-usda-s-wasde-report-throws-a-few-curveballs-grainews.md) | +2.7% | -2.8% |
| SOY | 2023-07-16 | [Was the July WASDE Report a Gift From the USDA?](https://feedsoft.ai/events/7053-was-the-july-wasde-report-a-gift-from-the-usda.md) | +0.4% | -6.3% |

## Sources

- agweb.com: https://www.agweb.com/news/crops/soybeans/heres-why-analysts-are-scratching-their-heads-after-usdas-new-wasde-report

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.