No Surprises for Traders Following USDA’s June WASDE

WASHINGTON, DC – USDA released its latest World Agricultural Supply and Demand Estimates (WASDE) Report Thursday with very few surprises for market analysts. New crop wheat supplies were increased based upon a larger crop and a slight increase in beginning stocks. This month’s corn outlook saw a fractional increase to both beginning and ending stocks but the season average price remains at $3.20 per bushel. The Department also expects a slight drawdown in sorghum beginning stocks as well as ending stock for the season, but no change in the season average price of $3.20 per bushel. Higher beginning stocks are the word for soybeans, along with higher crush and slightly lower ending stocks while the season average price remains at $8.20 per bushel. The most significant revision for cotton is in the supply and demand estimates, with a 200,000 bale decrease and a season average price still at 57-cents per pound.
(SOURCE: World Agricultural Outlook Board)