The June WASDE Report released by the USDA on Thursday showed minor changes from May.
Bill Moore is a senior account executive and author of The AgMaster Report for Price Futures Group in Chicago. He tells the network the June WASDE hit pre-report expectations for old crop corn supplies.
“They kept the production the same on the report,” said Moore. “They kept corn at 14.99. That was what we had in May. They kept soys at 4.405 billion bushels. That’s what we had in May. They were expected to raise those a little bit. Corn was supposed to be over 15. We started out with a friendly leaning off of that, but then if you look at stocks, the corn stocks were friendly across the board. They were under the average and under last month in old and new crop corn.”
Moore says it was a different story for soybean stocks.
“Whereas the soy production was unchanged, which is a little friendly and they were expecting more, the soy stocks were higher across the board,” said Moore. “135 in old crop U.S. stocks – higher than last month – 155 in new crop stocks – higher than last month. Same with global. Stocks were over last month. Market didn’t like that too much. You then saw the corn and beans kind of duking it out.”
Corn used for ethanol increased 75 million bushels. Moore says weekly ethanol production data indicates demand is almost back to levels seen before COVID-19.
The June WASDE Report can be viewed here.