USDA’s June Supply and Demand Report snugged the balance sheet for corn and soybeans. New crop ending stocks on corn were projected at 1.58 billion bushel, down 105 million bushels from May. Old crop carryout was estimated at 2.102 billion, down 61 million bushels from last month. Brazil corn production was lowered 2 mmt to 85 mmt, while Argentina’s corn crop was left unchanged.
U.S. soybean ending stocks for (18/19) were projected by USDA at 385 million bushel, a 30 million bushel decline from May. Old crop stocks were also lowered 25 million bushel to 505 million. Brazil soybean production was raised 2 mmt, but offset by the same decline in Argentina.
U.S. all wheat production was pegged at 1.83 billion bushel, up 6 million from May and was attributed to the same increase in winter wheat production. Old crop wheat ending stocks were set at 1.08 billion bushel up 10 mb from last month with the (18/19) carryout estimated at 946 million bushel, an increase of 11 million from May.
