June WASDE has unchanged outlook for corn while projecting higher soybean stocks

HOUSTON (ICIS)–The US Department of Agriculture (USDA) outlook for the corn crop is unchanged relative to last month while for soybeans, it is projecting there will be higher beginning and ending stocks, according to the June World Agricultural Supply and Demand Estimate (WASDE) report.

For corn, the monthly update said along with no adjustments to its corn forecast from May that the season average price received by producers remains at $4.40 per bushel.

The USDA did reveal it will release its acreage report on 28 June, which will provide survey-based indications of planted and harvested area.

For soybeans, the WASDE said higher beginning stocks reflect reduced crush for 2023-2024, with it expected to be down by 10 million bushels on lower soybean meal domestic use that is partly offset by higher exports.

With increased supplies and no use changes, the USDA said soybean ending stocks are projected at 455 million bushels, up 10 million bushels.

The soybean price is forecast at $11.20 per bushel, unchanged from last month.

The next WASDE report will be released on 12 July.