(WASHINGTON D.C.)– Some changes to world production estimates were noted on the latest USDA World Agricultural Supply and Demand Estimates report for the month of June that was released on Wednesday morning.
Traders were watching production estimates for South America along with wheat crop estimates for Russia, amid weather challenges in the Black Sea region. On the report, USDA cut 5 MMT (million metric tons) from its Russian wheat crop estimate for this month. In South America, USDA did take another 1 MMT off of it’s Brazilian soybean estimate which now stands at 153 MMT. Brazil corn was left unchanged at 122 MMT while Argentine corn and soybeans estimates were left unchanged at 53 MMT and 50 MMT respectively.
On the U.S. side of the report, old crop corn ending stocks were left unchanged at 2.022 billion while old crop soybeans went up slightly to 350 million and old crop wheat was unchanged at 688 million bushels. USDA pegged new-crop U.S. corn stocks at 2.102 billion, soybeans at 455 million, and wheat at 758 million bushels on the report.
We also saw all wheat production come in at 1.875 billion bushels, up 17 million bushels from the previous month. That number however was five million below trade expectations prior to the report.
Read the full WASDE Report here: https://www.usda.gov/oce/commodity/wasde
Report commentary with Arlan Suderman of StoneX below:
