USDA released it’s World Agricultural Supply and Demand Estimates report at 7:30 am. Soybean and wheat ending stocks came in lower than trade estimates for June while USDA held corn ending stocks unchanged.
Ending stocks for corn remained unchanged in June at 851 million bushels despite trade expectations that stocks would decrease slightly from May. USDA bumped corn use for ethanol by 50 million bushels for the marketing year, also offsetting corn exports with a 50 million bushel decline. USDA also kept the average price for corn unchanged for the year with a range from $5.95 to $6.25 a bushel.
Corn ending stocks remain unchanged for the 2012-2013 year from the May report, sticking at 1.881 billion bushels.
Higher export demand for soybeans in the report trimmed ending stocks for soybeans to 175 million bushels, down 35 million bushels from May. The WASDE soybean stock projection came in 22 million bushels lower than the overall trad estimate. The report also raised soybean export expectations by 20 million bushels to 1.334 billion bushels, reflecting increased global import demand.
Ending stocks for new-crop soybeans were expected to increase slightly, but the report lowered projected ending stocks by 5 million bushels to 140 million bushels.
Projected U.S. wheat ending stocks were lowered by 40 million bushels, which is 29 million bushels lower than the average trade estimates. WASDE also projected a 10 million bushel increase in food use and a 30 million bushel increase in exports for 2011-2012. Overall, the report projected U.S. wheat production at 2:234 billion bushels, down 10 million bushels with lower forecast winter wheat production.
Ending stocks for wheat in 2012-2013 were projected at 694 million bushels, down 41 million bushels from the May estimate.