June 2015 WASDE

There were not a lot of changes in USDA’s June supply and demand report released June 10th.  The changes that were made were very closed to analyst’s projections.

Both corn and soybean yield and production estimates were unchanged from the initial May report.  Some corn market analysts anticipated slight yield changes due to early planting and good early condition scores.

The 2014 corn usage declined by 25 million bushels due to a cut to ethanol usage.  This resulted in carryout increasing to 1.876 billion bushels.  The same 25 million bushels carried into the 2015 crop balance sheet and was the only change increasing 2015 crop carryout to 1.771 billion bushels.

Old crop soybean crush and exports were each increased 10 million bushels resulting in 20 million bushels less ending stocks of 330 million bushels.  These smaller beginning stocks in the 2015 soybean balance sheet along with an increase in crush resulted in 2015 crop ending stocks being reduced by 25 million bushels down to 475 million bushels.

World corn ending stocks increased 4.5 MMT.