June 11th USDA Supply & Demand report summary:
Corn – Old crop saw an increase in exports of m5 million bushels offset by a decrease in ethanol by the same. Imports did increase 3 million bushels, to see the carryout drop 3 million to 2.145 bln bushels. With no changes to the new crop numbers, this increased the new crop carryout 3 million bushels to 1.960. World corn stocks increased 3.68 mln tonnes. While Argentina (up 2 mln) and Brazilian (up 3 mln) both had increases, they were expected by the market. The main reason for the increase was a change in last years crop in India (up 8.9).
Soybeans – Old crop carryout saw an increase in crush of 20 million bushles offset by a decrease in exports by the same. Old crop and new crop carryout stayed unchanged at 340 million and 310 million bushels. World carryouts were virtually unchanged.
Wheat – The US wheat crop dropped another 0.5 bpa, putting the yield at 47.0. This dropped production 18 mln bushels, resulting in the carryout dropping to 744 million bushels. World stocks increase only 0.38 mln tonnes. A drop in Australian production of 2 mln tonnes is offset by an increase in Russian production of the same amount.
Next report – Tuesday, June 30th
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