Corn remains neutral, soybeans bullish, and wheat bearish
By Diego Flammini, Farms.com
The United States Department of Agriculture released its World Agricultural Supply and Demand Estimates (WASDE) report for June 2015 to give farmers and processors an update on the current crop production and possible future crop performance.
The WASDE report touches on many commodities including corn, which were considered neutral in June, soybeans, which were considered bullish, and wheat, which was considered bearish for June.
Corn
The USDA’s pre-report ending stocks estimates for 2014/15 corn came in at 1.86 billion bushels and 192 million metric tons. The report’s actual numbers showed the estimates at 1.876 billion bushels and 197 million metric tons.
When it comes to the 2015/16 numbers, the WASDE pre-reports estimate was 1.78 billion bushels with 191 million metric tons. The report’s numbers came in at 1.771 billion bushels and 195 million metric tons.
The season-average farm price for 2015/16 is between $3.20 and $3.80 per bushel.
Corn is currently selling for about $3.55 per bushel.
Soybeans
The soybean pre-report numbers for 2014/15 came in 0.339 billion bushels and 85.8 million metric tons. Once the WASDE report was released, the soybean stocks were 0.33 billion bushels and 83.7 million metric tons.
Looking to 2015/16, the pre-report estimates had soybeans coming in with 0.487 billion bushels and 96 million metric tons. The numbers from the WASDE showed soybeans coming in with 0.475 billion bushels and 93.2 million metric tons.
Soybeans are currently going for about $9.38 per bushel.
Wheat
The wheat pre-report numbers for 2014/15 came in at 0.712 billion bushels with a 200 million metric tons ending stock. The numbers once the report was released were 0.712 billion bushels ending stock and 200 million metric tons.
The 2015/16 numbers for wheat on the pre-report came in at 0.798 billion bushels and 201 million metric tons. The WASDE numbers once the report was finalized had wheat at 0.841 billion bushels and 202 million metric tons.
Wheat is currently selling for about $5.05 per bushel.
Tell us your thoughts about the June WASDE report numbers. How, if at all will the numbers impact your farming operations?
The next WASDE report is due out Friday, July 10th, 2015.