Dale Johnson, Farm Management Specialist
University of Maryland
Information from USDA WASDE report
Attached is the summary for the July 2021 WASDE.
Corn
2021/22 harvest acres projection was increased by 1 million acres. The beginning supply estimate was adjusted down 25 million bushel. The net effect of these two adjustments on estimated supply was an increase of 150 million bushel. On the demand side, feed & residual estimate was increased by 25 million bushel and export estimate was increased by 50 million bushel. The result of these supply and demand estimates was an increase in ending stocks of 75 million bushels and an increase in the stocks to use ratio from 9.2% to 9.6%. December futures prices on June 10 closed at $6.16 per bushel. Prices through June declined with a spike in late June but have since declined to $5.32 on July 12.
Soybeans
There were no changes in the 2021/22 soybean estimates in the July WASDE report. November futures prices on June 10 closed at $14.59. Prices through June declined with a spike in late June but have since declined to $13.51 on July 12.
Wheat
There were small adjustments in most supply and demand categories resulting in a net effect of a 105 million bushel decrease in ending stocks decreasing the ending stocks-to-use ratio from 36.6% in June to 32.1% in July. Since these estimates are for a crop a year away they have little effect on prices. Nearby (July) prices on June 10 closed at $6.84. Prices through June declined $6.34 on July 12.
