Highlights
The USDA will issue its April Supply and Demand (S&D) Report today at 10 AM Mountain Time. The expected numbers in million bushels for US and mts for the world are:
If USDA throws out a surprise today, it most likely will be a bullish soybean carryover. Why?
The USDA took an inventory as of December first and again March first. Every week, USDA reports how many beans were exported and every month, USDA reports how many beans were crushed. So, December first inventory minus three months of exports and three months of crush = March first inventory, right? The math said the US soybean inventory on March first should have been 1,742 million bushels, but it was 57 million bushels less than that. Obviously, either the December first inventory or the March first inventory was wrong or the rats and mice ate 57 million bushels of beans. Farm roasted beans are next to nothing.