Very few changes were made to the domestic balance sheets in the USDA's June supply and demand report.
Carryout on old-crop corn, soybeans and wheat in the United States all increased a minimal 5 million bushels, putting corn at 2.1 billion bushels and soybeans at 585 million bushels. Wheat carryout climbed to 983 million bushels. None of these were significant and had little influence on market values.
Only subtle changes were made to new-crop domestic balance sheets as well. Corn carryout increased 5 million bushels to 3.32 billion bushels. Soybean ending stocks decreased by 10 million bushels as strong crush projections negated an expected slow-down in exports. Soybean crush was raised by 15 million bushels while exports decreased by 25 million bushels. This put 2020-2021 soybean carryout at 585 million bushels.
Not to be left out, global balance sheets also were mostly stable from May. Global corn carryout decreased a minimal 2 million metric tons to 337.9 million metric tons. Soybean ending stocks also...