June WASDE a Mixed bag

Very few changes were made to the domestic corn balance sheets in USDA's monthly WASDE report. U.S. ethanol and export demand were both raised 75 million bushels, resulting in a 150 million bushel reduction to ending stocks. This put ending stocks for the 2021-22 marketing year at 1.1 billion bushels.

These changes carried over to the 2021-22 balance sheets and lowered ending stocks there to 1.36 billion bushels. New crop production...