Grain Prices Fade with WASDE Release

The July World Agriculture Supply and Demand Estimates (WASDE) released by the USDA reflect reduced acreage planted/harvested as previously announced in the quarterly stocks report. The U.S. corn outlook shows five million less acres planted and 5.6 million less harvested from the June report. Beginning stocks were increased 145 million bushels due to an expected decline in 2019/20 corn exports. Lower corn acreage reduced production by 995 million bushels and lowered ending stocks by 675 million to 2.648 billion bushels. There were no changes in expected corn use for ethanol. The season-average farm price is increased from $3.20 per bushel to $3.35. 

This month’s U.S. soybean supply and use projections for 2020/21 include a 35 million bushel increase to beginning stocks, largely due to an expected decrease in 2019/20 residual use. 2020/21 production was increased 10 million bushels due to…