June 2024 WASDE

Jun 12, 2024

June WASDE 2024
No change on the domestic corn balance sheets for either the 23/24 or 24/25 marketing years.  Back to watching weather and waiting for the acreage report at the end of the month.  Argentine and Brazilian corn production left unchanged from last month.  Corn unchanged currently.
The USDA raised carryout 10 mil bu on the 23/24 marketing year.  Projected carryout for the 24/25 marketing year up the same amount.  Brazilian production estimates lowered 1 mil metric ton from last month, Argentina unchanged. Soybeans down 1 c currently.
The USDA increased all wheat production 17 mil bushels but right in the middle of trade expectation. Nothing major in this report to drive price action.  Wheat down 18 c currently.  
Bottom Line
Nothing burger of a report today, like expected.  Looks like we will have plenty of corn & soybeans domestically for the foreseeable future but summer weather will be the ultimate determining factor. The June acreage report on the 28th will be a big one to watch as well.     

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