Slight Changes to USDA WASDE Report in June (Jul 06, 2017)

The USDA's June WASDE report of world supply and consumption projections contained several changes from the May report for corn and soybeans. The release of the Grain Stocks and Acreage reports on June 30 will provide major implications for the remaining marketing year and new crop prices moving forward.

For corn, the USDA made no changes to the estimates for the current U.S. marketing year. Year ending stocks estimates came in at 2295 million bushels. The marketing year average price is set in a range between $3.25 and $3.45. Stocks on September 1, 2018 are projected at 2110 million bushels and the average farm price for the year ahead is forecast in a range of $3.00 to $3.80.

For soybeans, the USDA lowered the soybean crush projection by 15 million bushels for the current U.S. marketing year. Soybean exports appear on course to meet the 2016-17 marketing year estimate of 2050 million bushels despite the recent slowing of exports and old crop sales. Projection of ending stocks for the marketing year increased 15 million bushels to 450 million bushels. Projections for the 2017-18 U.S. marketing year carried these 15 million bushels increase into beginning stocks, which increased the projected ending stocks for the 2017-18 marketing year to 495 million bushels. 

For more news and alerts - Download the SoyaGuru app...
Thank you! Your answers submitted successfully!
Sorry, you can participate in contest only once.