Dale Johnson, Farm Management Specialist
University of Maryland
Information from USDA WASDE report
Attached is the summary for the June 11 WASDE. June is the second month for estimates of the new crop year (2020/21).
Corn
There was a slight adjustment of an additional 5 million bushel to the 2019/20120 crop estimate which carried forward to the beginning stocks of the 2020/2021 crop year. There were no other changes to the corn estimates.The historically high ending stocks estimate of 3.3 billion bushel and stocks-to-use ratio of 22.5% continue to suppress prices. There was a slight uptick in December futures the past few days and corn settled at $3.43 per bushel on June 11.
Soybeans
Just like corn, there was a slight adjustment of an additional 5 million bushel to the 2019/20120 crop estimate which carried forward to the beginning stocks of the 2020/2021 crop year. The crushing estimate was adjusted up 15 million bushel with no other changes to the soybean estimates. The ending stocks estimate of 395 million bushel and stocks-to-use ratio of 9.1% is not bearish. New crop prices have ticked up the past few days and November soybeans settled at $8.77 per bushel on report day.
Wheat
Just like corn and soybeans, there was an adjustment of an additional 5 million bushel to the 2019/20120 crop estimate which carried forward to the beginning stocks of the 2020/2021 crop year. There were no other changes to the wheat estimates. The ending stocks of 925 million bushel and stocks-to-use ration of 44.6 is below the five year average. 2020/21 wheat prices have trended down the past few days and July 2021 soft red winter wheat settled at $5.30 on June 11.
Download the report as a pdf here: 2020 June WASDE summary
