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Produced by Bill Holbrook
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USDA-WAOB's July WASDE incorporated estimates from the June 1 Grain Stocks and Acreage reports released June 30th.
2015/16 corn ending stocks were lowered 7 million bushels to 1.701 billion bushels based on reductions in feed and industrial use and an increase in exports. Average farm price was lowered $0.05 to $3.65 per bushel. 2016/17 production was estimated to be 110 million bushels higher based on the June 1 acreage report. Feed and industrial use were lowered 50 and 20 million bushels respectively while exports were increased 100 million bushels. Ending stocks were increased 73 million bushels to 2.081 billion bushels. Average farm price was lowered $0.10 to $3.30 per bushel.
2015/16 soybean ending stocks were lowered 20 million bushels to 350 million bushels based on lower imports, higher exports and lower residual use. Average farm price was unchanged at $9.05 per bushel. 2016/17 soybean production was increased 80 million bushels to 3.880 billion bushels. Crush was increased 10 million bushels and exports were increased 20 million bushels. Ending stocks were increased to 290 million bushels while average farm price was unchanged at $9.50 per bushel.
Only minor changes were made to the 2015/16 wheat supply/demand table. Average farm price was lowered $0.01 to $4.89 per bushel. 2016/17 all wheat production was increased 184 million bushels to 2.261 billion bushels. Feed use was increased 100 million bushels to 300 million bushels. Ending stocks were increased 55 million bushels to 1.105 billion bushels. Average farm price was lowered $0.20 to $3.80 per bushel.
SPECIAL NOTE:
New crop corn conditions are good, and crop could be large -- but weather over next two weeks still critical. New crop soybeans same story, but more so. We cannot yet call the yields much different from trend, much like the USDA, who made no changes in today's WASDE, except to use the Jun-30 Acreage Report. We must wait for the weather and the USDA's objective yield survey, taken as of Aug-1 conditions, and reported Aug-12. We'll update at the seminar Aug-18/19. Register here.
Additionally, I will be attending the August 12 USDA lock-up in Washington D.C.
 Bill Holbrook
The ProExporter Network
20809 NE 170th Street
Kearney, MO 64060
Telephone: 816-863-5335
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PRX Client Files
General monthly update for the PRX files completed on 6/12.
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