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June 12 USDA Crop Report


  • June WASDE report data in line with expectations
  • No changes to US corn balance sheet for either 23/24, or 24/25 as expected
  • Surprised no changes to Argentine or Brazil 23/24 production.  Trade was looking for a 3 mmt drop in Argentina.
  • US Soybean stocks for 23/24 rose 10 mil bu to 350 mil due to lower crush.
  • Higher 23/24 stocks carried right thru to 10 mil higher on 24/25 as well, up to 455 mil.
  • Brazil 23/24 crop only lowered 1 mmt to 153 mmt. 
  • US winter wheat production rose 17 mil to 1.295 bil exactly in line with pre-report est.
  • No change to old crop stocks at 688 mil bu while new crop stocks fell 7 milbu offsetting higher production due to 25 mil bu increase in exports to 800 mil.
  • Russian wheat production cut 5 mmt to 83 mmt. 


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Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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