The monthly June USDA reports were largely sleepers as expected. We?ll have to wait for the June 30 Acreage and Stocks, which have the potential to be more exciting.
First off, the USDA left their soybean supply demand tables completely unchanged from the May values. Second, while trade expected the agency to adjust Brazilian corn production higher, the USDA also left all their South American production estimates unchanged this month.
The corn balance sheet saw the largest changes, but they were relatively small and completely within the range of trade estimates. Beginning stocks were lowered by 50 million bushels, which was based on Census Bureau data. Useage was left unchanged, which lowered US 2025-26 corn carryout from 1.800 billion bushels to 1.750 billion bushels.
The changes in the wheat supply demand tables were even smaller than corn. Exports were increased by 25 million bushels, which lowered 2025-26 US wheat ending stocks by the same amount to 898 million bushels.
The global supply demand tables received only small adjustments, with corn carryout dropping 2.6 million tons (<1%), soybeans increasing less than 1 million tons (<1%), and wheat carryout declining about 3 million tons (1.1%).
Markets traded a few cents lower following the reports.
Source: USDA, Reuters