USDA’s June supply and demand report was neutral to bearish on new crop corn ending stock with an increase to nearly 2 billion bushels. Meanwhile old crop corn stocks were lowered 40 million bushels to 729 million. Jonah Ford with Ceres Trading says even though USDA lowered harvested acres they are still projecting a record corn crop which raised the stocks.
Ford says USDA’s soybean acreage adjustments were comparable and ended up with a
Wheat ending stocks were lowered for both old and new crop due to an increase in feed wheat and exports. The market quickly shrugged off the reports to trade weather.