No surprises in crop report, focus now on weather
There weren’t many surprises in the U.S. Department of Agriculture’s (USDA) World Agriculture Supply and Demand Estimates (WASDE) report last week.
The USDA raised old-crop inventories 15 million bushels to 450 million bushels. Pre-report estimates had the old-crop soybean inventories at 433 million bushels, Successful Farming reported. The new-crop soybean carryout was forecast at 495 million bushels, higher than both the pre-report estimate at 485 million bushels and the May estimate at 480 million bushels.
Ending soybeans stocks for 2017-2018 were raised 15 million bushels to 495 million. Price forecasts, at $8.30 to $10.30 per bushel, for 2017-2018 were unchanged this month.
Corn stocks for 2016-2017 were unchanged from last month’s projection at 2.295 billion...
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