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 was left unchanged this month at 14.99 billion bushels.

More alterations were made to the U.S. soybean balance sheets. U.S. crush was reduced by 15 million bushels, which lifted old crop ending stocks to 135 million bushels. As with corn, this carried over to new crop, where ending stocks increased to 155 million bushels.

While these are both historically tight, it does give the market more breathing room for demand. The 2021-22 U.S. soybean crop...