June Wasde Insights

The June WASDE report did not have any large changes. Corn was estimated at 1.947 million bushels and published at 1.960. The season average farm price is estimated at $4.40/bu. Global stocks raised slightly, but not much. Soybeans had a similar outlook domestically. They were estimated at .312 million bushels and published at .310. Forecast price is unchanged at $11.40/bu. Global soybean stocks were also nudged higher.

Wheat had the biggest hit with production cut by 1.54 billion bushels- largely due to weak HRW yields. It was estimated at .765 million bushels and published at .744. The season-average farm price is $0.5 lower at $6/bu. 

Cotton shows lower beginning and ending stocks due to a decreases from last year. The season-average price is unchanged at $0.73/lb. Global demand got a slight lift also.

The beef and poultry forecast is slightly higher from last month. Beef production and slaughter is lowered, but heavier weights offset some of that reduction. Cattle prices are raised from a good outlook in May but still remain unchanged. The USDA has confirmed the cases of the New World Screwworm and have procedures in place to help mitigate the spread.

The next WASDE report will be published on July 10. We will be looking for more news on the screwworm, wheat harvest results, and crop conditions for corn and soybeans. There is also a quarterly grain stocks report that will be released on June 30.