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USDA reduced corn carryout to 1.352B bushels, down 150mm from last month. Exports were increased by 75mm, feed by 50mm and ethanol by 25mm. May corn traded buy the rumor sell the fact, closing down 2 1/2 after being as much as 15 1/4 higher. Soybean carryout was left unchanged after increasing exports, but this was offset by lowering crush, seed and residual. Nothing bearish in the corn report, just not as bullish as the trade was hoping it would be to hang onto a higher market.
Wyatt Saeugling 4/9/21
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