This month’s World Agricultural Supply and Demand Estimate (WASDE) didn’t comprise any enormous shocks, with soybean shares ticking up but corn shares down slightly.
The worldwide wheat outlook for 2021/22 is for bigger provides, higher consumption, elevated commerce, and higher shares. Provides are projected to extend 4.3 million tons to 1,087.9 million, primarily on higher manufacturing for the EU, Russia, and Ukraine as world manufacturing is projected at a report 794.4 million.
Matthew Pot, of Grain Views, says that corn was lowered greater than he anticipated for this report. The USDA raised corn used for ethanol by 75 million bushels in addition to exports by 75 million bushels, for a mix of 150 million bushels added to demand. This lowered outdated crop shares to 1.107 billion bushels, he says.
As famous, this month’s U.S. soybean supply and use projections for 2021/22 embrace higher starting and ending shares. Higher starting shares replicate a lower crush forecast for 2020/21. Soybean crush for 2020/21 is diminished 15 million bushels to 2.175 billion based mostly on a lower forecast for soybean meal home disappearance and higher soybean meal imports. Soybean oil exports for 2020/21 are diminished 400 million kilos to 1.9 billion as excessive U.S. costs cut back competitiveness on this planet market.
— Farm Coverage (@FarmPolicy) June 10, 2021
The market response following the report supported corn, but weighed on soybean and soy oil, plus wheat pricing.