June 2020 USDA Supply & Demand

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USDA gave us their June 11th WASDE report numbers today. Production was left unchanged and ending stocks were virtually the same as last month. The same can be said for the 20-21 crop year, where the stock difference between this month and last was less than 20 million bushels for any of the crops.

World stock estimates were reduced by nearly 2 million tons for corn, a million tons for soybeans, while wheat stocks are increasing less than a million tons. The same pattern continues out to the 20-21 world stocks, with the smaller estimates carried through for corn and beans but a forecast of 6 million tons more wheat.

So, we can ignore these reports and go straight to next week’s weather forecasts.


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