USDA Holds Pat on June Supply and Demand Numbers

USDA largely held pat on its June supply and demand numbers despite expectations that there would be lower corn ending stocks and lower production in South America as well.

The numbers should surprise the grain trade, which was expecting some movement in the supply side

USDA pegged the 2024-25 “new crop” for corn at 14.86 billion bushels (bb) with a yield of 181 bushels per acre (bpa) on 90 million planted acres, holding pat on the numbers released in May.

Looking at the 2023-24 “old crop,” corn ending stocks were pegged at 2.022 bb. The pre-trade report had expected some lowering of old-crop ending stocks.

USDA forecast new-crop, 2024-25 marketing year soybean production at 4.45 billion bushels with a national average yield of 52 bushels per acre. The production estimate was unchanged from pre-report estimates.