(WASHINGTON D.C.) — On Friday, USDA released the latest World Agricultural Supply and Demand Estimates report for June 2023 at 11am CST. Overall, there were minimal changes to the balance sheets on this report.
On the old crop side of the balance sheet, USDA says U.S. corn ending stocks are at 1.452 billion bushels, soybean ending stocks at 230 million bushels and wheat stocks at 598 million bushels. For new crop, USDA says corn ending stocks for the U.S. are at 2.257 billion, soybeans are 350 million bushels and wheat stocks for new crop are at 562 million bushels on the June report.
We did see USDA cut Argentina’s corn and soybean production each by 2 million metric tons (MMT), down to 35 MMT on corn and 25 MMT on soybeans. Brazilian corn production was raised 2 MMT to 132 MMT while soybean production was raised 1 MMT to 156 MMT.
You can view the full report: https://www.usda.gov/oce/commodity/wasde
Listen to analysis from Arlan Suderman, Chief Commodities Economist at StoneX below:
https://podcasts.apple.com/us/podcast/market-talk/id1533318516?i=1000616310739
