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June WASDE Preview – Expected drop in corn production, increase in soybean production | KRVN Radio

June WASDE Preview – Expected drop in corn production, increase in soybean production

June WASDE Preview – Expected drop in corn production, increase in soybean production
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The spring has been a productive time for the American farmer.

Planting has been largely unhindered and is near done for corn and well over 75% complete for soybeans. This has farmers, economists and commodity traders all curious where USDA will peg harvest size and stocks in the June WASDE report. The report is slated to release at 12 ET on Thursday June 11. The Wall Street Journal has composed a table of analyst estimates ahead of the report that can be seen below.

US corn production looks to drop about 71 million bushels from the May report to 15.924 billion bushels. The drop comes as traders assume some acres in North Dakota will have some prevent plant acres. Average yield for the US corn crop remains unchanged by analysts from the May report at 178.5 bushels per acre.

US soybean production is expected to increase by 27 million bushels from the May report to 4.152 billion bushels. The increase comes as analysts expect soybean yield to increase 0.2 bushels per acre to 50 bushels per acre.

Given mixed export numbers and an economy that was shuttered due to the pandemic, US stockpiles are expected to grow. Corn sees the largest expected growth with ethanol production dropping sharply. Analysts are expecting US corn stocks in June to be 2.154 billion bushels up from May’s 2.098 billion bushels. Soybean stockpiles are expected to rise 4 million bushels to 584 million bushels. Wheat stockpiles are expected to grow 2 million bushels to 980 million bushels.

With the large crops and growing, current stockpiles of grain in the US the 2020-2021 stockpiles continue to grow. Analysts predict in one year the US will have a stockpile of 3.340 billion bushels of corn,  459 million bushels of soybeans and 904 million bushels of soybeans.

US Corn & Soybean Production 2020 Millions of Bushels June Average Range USDA May USDA 2019
Corn 15,924 15544-15995 15995 13,663
avg. yield 178.5 176-180 178.5 167.8
Soybeans 4,152 4125-4292 4,125 3,557
avg yield 50 49.8-51 49.8 47.4
US 19-20 Stock Pile Millions of Bushels June Average Range USDA May
Corn 2.154 2.075-2.303 2.098
Soybeans 584 497-630 580
Wheat 904 876-934 909
US 20-21 Stock Pile Millions of Bushels June Average Range USDA May
Corn 3.34 3.177-3.594 3.318
Soybeans 459 395-684 4015
Wheat 904 876-934 N/A
World Stockpiles19-20 Million Metric Tons June Average Range USDA May
Corn 315.1 312.4-319.7 314.7
Soybeans 100.3 98.5-103.1 100.3
Wheat 294.7 292-296 295.1
World Stockpiles 20-21 Million Metric Tons June Average Range USDA May
Corn 337.6 314-346.6 339.6
Soybeans 100.1 96-118.2 98.4
Wheat 307.5 298.5-312 310.1
US Wheat Production Est. 2020 June Average Range USDA May USDA 19-20
All Wheat 1,852 1824-1892 1866 1,920
Winter Wheat 1,255 1,200-1,318 1255 1,304
Hard Red Winter 754 678-830 733 833
Soft Red Winter 291 201-305 298 239
White Winter 225 218-234 224 232
Brazilian Production 2019-2020 (Million Metric Tons) June Average Range USDA May
Corn 99.6 98.5-102 101
Soybeans 123 120.9-125 124
Argentina Crop Production 2019-2020 (Million Metric Tons) June Average Range USDA May
Corn 49.9 49-50 50
Soybeans 50.8 50-51.2 51
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