The June WASDE was a sleeper of a report with few substantial changes made by the USDA.
Corn
The domestic corn balance sheet was essentially unchanged from last month. As expected, production was left unchanged this month. Ending stocks were increased by a negligible 3 million bushels due to a beginning stocks being larger by the same amount. Global ending stocks were slightly larger this month, largely due to increased production estimates for South America. Argentine production increased 3 million tons and Brazil production increased 2 million tons, both in line with expectations.
Soybeans
The domestic balance sheet for soybeans was unchanged this month. Global ending stocks were essentially unchanged, as well. The USDA did increase their Argentine soybean production estimate 2 million tons to 50 million tons, which was more than a million above trade estimates.
Wheat
The largest domestic change was 0.5 bpa reduction to the US wheat yield estimate, dropping it to 47.0 bpa. This lowered US wheat production to 1.543 billion bushels. No other changes were made, which lowered estimated wheat ending stocks 18 million bushels to 744 million bushels. All categories of the 2026/27 global wheat balance sheet are raised this month, which increased global carryout only slightly.
Source: USDA, Reuters