Minor Changes in June WASDE Report

Corn Combine

The June World Agriculture Supply and Demand Report offers minor changes from last month. This month’s corn outlook is for reduced beginning and ending stocks. Beginning stocks are down 150 million bushels reflecting projected increases in corn used for ethanol and exports. Corn used for ethanol increased 75 million bushels, and weekly ethanol production data indicates demand is almost back to levels seen before COVID-19. The season-average farm price received by producers is unchanged at $5.70 per bushel. This month’s U.S. soybean supply and use projections include higher beginning and ending stocks. With higher soybean beginning stocks and no use changes, ending stocks are projected at 155 million bushels, up 15 million from last month. The season-average soybean price is unchanged at $13.85 per bushel. Finally, the outlook for wheat this month is for larger supplies, higher domestic use, unchanged exports, and slightly lower stocks. The projected price is unchanged at $6.50 per bushel, compared to $5.05 for last year.