June WASDE report relatively uneventful

June 11, 2020 | Bethany Baratta

The USDA made a few slight changes to its new crop projections in its World Agricultural Supply and Demand Estimates (WASDE) report released today.

USDA raised its projections from last month for beginning stocks, soybean crush and usage while lowering its estimate for ending stocks for the 2020/2021 marketing year, which begins in September 2020 and ends in August 2021.

Beginning stocks were projected 5 million bushels higher, at 585 million bushels.

The USDA projects 83.5 million acres of soybeans will be planted in the United States, as noted in the March 31, 2020, prospective plantings report. The USDA’s June 30 acreage report could change this projection, however.

Projected soy crush was up 15 million bushels from last month to 2.145 billion bushels in the 2020/21 marketing year.

Estimates for soybean usage in the next marketing year were up 15 million bushels to 4.33 billion bushels.

New-crop U.S. soybean ending stocks for the 2020/21 marketing year were lowered by 10 million bushels to 395 million bushels.  

The 2020/21 U.S. season-average soybean price is projected at $8.20 per bushel, down 30 cents from the 2019/20 marketing year.

Corn outlook

The June 11 report forecast U.S. corn plantings at 97 million acres, based on the March prospective plantings report.

U.S. corn ending stocks for 2020/21 marketing year are estimated at 3.323 billion bushels, up 5 million bushels from the May projection.

Total corn supplies are forecast record high at 18.123 billion bushels, up 5 million bushels from May. Total U.S. corn use in 2020/21 is forecast to rise relative to a year ago with increases for domestic use and exports.

U.S. 2020/21 corn exports were unchanged from the May projection at 2.15 billion bushels.

The season-average farm price is projected at $3.20 per bushel, down 40 cents from the 2019/20 marketing year and the lowest since 2006/07.

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