Dale Johnson, Farm Management Specialist
University of Maryland
Information from USDA WASDE report
Attached is the summary for the June 2021 WASDE.
Corn
The only change in 21/22 corn estimates was a negative adjustment of 150 million additional bushels in the Ending 20/21/Beginning 21/22 stocks. This decreased the 21/22 ending stocks 150 million bushels and increased the estimated stocks to use ratio from 10.2% in May to 9.2% in June. December futures prices on May 12 closed at $5.93. Prices through May declined to a low of $5.23 on May 26 but have since rebounded and closed at $6.15 on June 10.
Soybeans
The only change in 21/22 soybean estimates was an adjustment of 15 million additional bushels in the Ending 20/21/Beginning 21/22 stocks. This increased the 21/22 ending stocks 15 million bushels and increased the estimated stocks to use ratio from 3.2% in May to 3.5% in June. November futures prices on May 12 closed at $14.44. Prices through May declined to a low of $13.26 on May 26 but have since rebounded and closed at $14.59 on June 10.
Wheat
21/22 Wheat yield estimates were increased 0.7 bushels per acre which resulted in a 26 million bushel increase in production estimates. There was a 20 million bushel decrease in the Ending 20/21/Beginning 21/22 stocks estimate. Import estimates decreased 2 million bushel. On the demand side Feed & residual estimate was increased 10 million bushel. The net effect of all these estimate changes was a decrease of 4 million bushels in ending stock and a decrease in the stocks-to-use ratio from 36.9% in May to 36.6% in June. Nearby (July) prices on May 12 closed at $7.30. Prices through May declined to a low of $6.40 on May 26 but have since rebounded and closed at $6.83 on June 10.
