Few Changes To Balance Sheets Following WASDE
As expected, few changes took place to balance sheets in the June WASDE report, especially for corn.

The U.S. corn crop was left unchanged at 14.46 billion bushels. Corn exports were lowered by 50 million bushels and industrial use was raised by 5 million bushels for a 45 million bushel increase to ending stocks of old crop, putting it at 1.485 billion bushels. This increase carried over into new crop with an ending stocks projection of 1.4 billion bushels. The average cash price projection on corn was left unchanged at $6.75.

The U.S. soybean production numbers were also unchanged from May with a crop of 4.64 billion bushels.

The USDA increased its old crop soybean export projection by 30 million bushels, which dropped ending stocks to 205 million bushels. As with corn, this also...