June WASDE Lowers 2016/17 Corn and Soybean Stocks, Raises Wheat Stocks
June 10th, 2016
Produced by Bill Holbrook
USDA-WAOB released the June WASDE today making adjustments mainly to export forecasts. 2015/16 corn imports were raised 5 million bushels while exports were raised 100 million bushels, lowering ending stocks by 95 million bushels. Average farm price was raised $0.10 to $3.70 per bushel. 2016/17 corn ending stocks were reduced 145 million bushels to 2.008 billion bushels based on lower beginning stocks and 50 million bushels more exports. Average farm price was raised $0.15 to $3.50 per bushel.
2015/16 soybean ending stocks were lowered 30 million bushels to 370 million bushels as a result of 10 million bushels more crush and 20 million bushels more exports. Average farm price was raised $0.20 per bushel to $9.05. 2016/17 soybean ending stocks were lowered 45 million bushels to 260 million bushels based on lower beginning stocks and 15 million bushels more exports. Average farm price was $0.40 per bushel to $9.50.
2015/16 wheat saw minor changes, 3 million bushels less imports and 5 million bushels less exports. Ending stocks were estimated at 980 million bushels. Average farm price was unchanged at $4.90 per bushel. 2016/17 wheat imports were lowered 5 million bushels, while feed use was raised 30 million bushels and exports 25 million bushels. Ending stocks were estimated at 1.050 billion bushels. Average farm price was lowered $0.10 per bushel at $4.00.
The analysis above is not intended as a trade recommendation. The analysis and forecasts are based on available public data and on the best judgment of PRX, but cannot be guaranteed to conform to future reality.
