July 2020 WASDE Report

Dale Johnson, Farm Management Specialist
University of Maryland

Information from USDA WASDE report

Attached is the summary for the July 10 WASDE published on July 10. July is the third month for estimates of the new crop year (2020/21).

Corn

Estimates of planted and harvested acres were down 5 million acres and 5.6 million acre respectively from the June estimates. Yield estimate remained unchanged so the reduction in acres brought the production estimate down 995 million bushel from the June report. Estimates for demand were reduced by 175 million bushel. These adjustments in supply and demand estimates reduced ending stocks by 657 million bushel and a stocks to use ratio of 18.1% which is considerably more bullish than the June ration of 22.5%.

Soybeans

There were incremental adjustments to soybean acres and crushings increasing ending stocks by 30 million bushel and increasing the stocks to use ratio marginally to 9.8%.

Wheat

There were incremental adjustments to wheat acres, yield, and feed & residual increasing ending stocks by 17 million bushel and increasing the stocks to use ratio marginally to 45.6%.

The July WASDE had little effect on markets as corn and soybean prices were down a few cents per bushel and wheat prices were up a few cents per bushel.