USDA Report: June 10, 2016

The USDA released their latest projections today for Corn, Soybeans and Wheat ending stocks in both the U.S. and the world.  This report dealt with Old Crop (15/16) and new Crop (16/17).  Here are the numbers:

                                                           

CORN (ending stocks)                 June 10 report           May report

U.S. 15/16                                                        1.708                                   1.803 BB

World 15/16                                                    206.5                                   207.9 MMT

 

U.S. 16/17                                                        2.008                                   2.153 BB

World 16/17                                                    205.1                                   207.0 MMT

 

SOYBEANS (ending stocks)         June 10 report               May report

U.S. 15/16                                                        370                                      400 MB

World 15/16                                                    72.3                                     74.3 MMT

 

U.S. 16/17                                                        260                                      305 MB

World 16/17                                                    66.3                                     68.2 MMT

MMT = Million Metric Tons, MB= Million Bushels, BB= Billion Bushels 

 

Wheat did not see much change in either old crop or new crop with ending stocks growing slightly for both the U.S. and world supplies. 

Immediately after the report, both corn and beans surged a little higher than where they were trading prior to the report.  But, about 10-15 minutes later, we’re were back to pre-report values, and then by 11:30, both were trading lower than yesterday’s close.  Wheat was trading double digits lower, and perhaps that is what is pulling corn lower.  Add to that, crude is lower this AM and the dollar is higher. 

Brazilian crop production is now pegged quite a bit lower, with Corn now at 77.5 million tons, vs. 81.0 last month.  Beans are estimated at 97.0 vs. 99.0 last month.

The estimate for Argentina crops did not change, with 27.0 million tons for corn and 56.5 for beans. 

On June 30th, the USDA will release their acreage reports for the U.S. as well as June 1 stocks.  This will be the next major report to watch for.  Until then, we’ll trade weather forecasts and crop progress reports. 

-Tom Guinan, Grain Origination Manager

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