USDA WASDE report, nothing really changed

USDA WASDE report, nothing really changed

By Amanda Brodhagen, Farms.com

There were no surprises in today’s June 12 World Agricultural Supply and Demand Estimates (WASDE) report. The initial reaction was bearish for corn and wheat, and neutral to friendly for soybeans.

The following are some highlights:

Corn:

Old crop ending stock moved higher from 759 million to 769 million. Exports were lowered by 50 million. New crop ending stalks lowered to 1.949 billion from previous estimates of 2.004 billion.

Wheat:

U.S. wheat supplies for 2013/14 are raised. Beginning stocks are higher with a 15 million bushel reduction in 2012/12 exports. Production for 2013/14 is up 23 million bushels.

Soybeans:

U.S. soybean supply and use projections for 2013/14 are unchanged from May. Soybean imports are raised 5 million bushels to 25 million. Soybean exports for 2013/14 were reduced by 20 million bushes to 1.33 billion bushels. Global oilseed production for 2013/14 is projected at 490.8 million tons, down 0.5 million from May.

The market will be watching for the June 28^th report next. The full report can be found here: http://www.usda.gov/oce/commodity/wasde/