USDA forecasting lower corn stocks, leaves soybeans unchanged in June WASDE

HOUSTON (ICIS)–The US Department of Agriculture (USDA) is forecasting lower beginning and ending corn stocks and left soybean supply and use unchanged in the June World Agricultural Supply and Demand Estimate (WASDE) report.

For the corn, crop area and yield forecast are unchanged with planted area at 95.3 million acres and yield of 181.0 bushels per acre.

The next update on area and yield will come when the USDA releases its acreage report on 30 June.

The monthly update stated that beginning corn stocks are down 50 million bushels reflecting a forecast increase in exports for 2024-2025.

The agency said exports are raised 50 million bushels, based on reported US Census Bureau shipments through the month of April, inspection data during the month of May, and current outstanding sales.

Corn ending stocks are lowered 50 million bushels to 1.8 billion bushels.

The season-average farm price is unchanged at $4.20 per bushel.

For soybeans the June WASDE had no changes on supply and use.

The US season-average soybean price remains forecasted at $10.25 per bushel.

The next WASDE report will be released on 11 July.