Written Commentary
SUPPLY/DEMAND REPORT HIGHLIGHTS
- USDA June supply/demand numbers as expected
- July Soybeans up on talk of increase US soybeans to Europe
- July Corn down on higher supply and lower exports
- July Wheat mixed with lower US exports vs. lower World crops.
- USDA estimated US 2022/23 soybean carryout at 230 vs 223 expected and 215 in May
- USDA estimated US 2022/23 corn carryout at 1,452 vs 1,449 expected and 1,417 in May
- USDA estimated US 2022/23 wheat carryout at 598 vs 606 expected and 598 in May
- USDA estimated US 2023/24 soybean carryout at 350 vs 345 expected and 335 in May
- USDA estimated US 2023/24 corn carryout at 2,257 vs 2,254 expected and 2,222 in May
- USDA estimated US 2023/24 wheat carryout at 562 vs 569 expected and 556 in May
- USDA estimated World 2023/24 soybean carryout at 123.3 mmt vs 122.0 expected and 100.5 last year
- USDA estimated World 2023/24 corn carryout at 314.0 mmt vs 313.1 expected and 297.6 last year
- USDA estimated World 2023/24 wheat carryout at 270.7 mmt vs 264.6 expected and 266.6 last year
- USDA estimated US 2023 wheat crop at 1,672 vs 1,650 and winter wheat 1,136 vs 1,130
- USDA estimated US 2023 HRW crop at 525 vs 514 and SRW at 401 vs 406.
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