The June World Agriculture Supply and Demand Estimates (WASDE) released by the USDA provided a fresh look at the 2021/22 crop year. Most changes made in the balance sheets were minor but had corn and soybeans projections are moving in opposite directions on supply.
For the 2020/21crop season, the estimate of corn used in ethanol production was increased 75 million to 5.05 billion bushels. Weekly ethanol production continues to build and is back to pre-pandemic levels in the latest EIA Weekly Petroleum Status Report. Exports also received a 2020/21 bump of 75 million bushels to 2.85 billion. Strong export projection data implies continued robust global demand for US corn. The net effect of the adjustments lowered ending stocks 150 million to 1.107 billion bushels.
The reduced 2020/21 ending stocks flowed through to the 2021/22 forecast, reducing 2021/22 ending stocks by 150 million to…
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