The USDA has raised domestic ending stocks projections for corn, soybeans, and wheat. Corn ending stocks were up 200 million bushels on the month at nearly 2.1 billion with the USDA slashing the ethanol use estimate as blending demand drops because of coronavirus related stay at home and social distancing regulations, more than cancelling out a higher feed and residual use guess. The soybean supply is seen at 480 million bushels, an increase of 55 million from March because of a lower export use projection due to heavy competition from Brazil and slower demand from China.
