The June WASDE was released Thursday, with tighter ending stocks for feed grains but higher carryover for soybeans. On corn, new crop ending stocks were lowered 150 million bushels, but it came directly from USDA lowering old crop carryover the same amount. Brazilian corn production was only lowered to 99 million metric tons.
USDA increased old crop ending stocks on beans 15 million bushels but again transferred that directly to the new crop for the same increase in carryover. And wheat production was raised 26 million bushels but old and new crop ending stocks were both lowered.
Allison Thompson joined Michelle Rook on AgweekTV to discuss the report.