Market News & Headlines >> Small Changes Seen in U.S. Supply/Demand

USDA’s June supply/demand update, scheduled for release on Tuesday morning, is not expected to show major changes to the U.S. corn, soybean or wheat balance sheets ahead of the Crop Acreage and quarterly Grain Stocks reports due out on June 29. 

Traders instead will likely be looking to the world balance sheets for those crops for potential friendly news amid uncertainty about corn and soybean production in South America and wheat production in the Black Sea region. 

Trade estimates of the 2017/18 U.S. carryout average 2.164 billion bushels in a range from 2.125-2.208 billion bushels compared with USDA’s May estimate of 2.182 billion, according to a Bloomberg survey. Pre-report expectations for the 2018/19 U.S. carryout average 1.652 billion bushels in a range from 1.425-1.851 billion bushels. 

For the U.S. 2017/18 soybean carryout, trade estimates average 524 million bushels in a range from 473-566 million compared with USDA’s May estimate of 530 million bushels. Pre-report expectations for the 2018/19 U.S. soybean carryout average 440 million bushels in a range from 395-702 million bushels compared with USDA’s May estimate of 415 million. 

Trade expectations for the 2017/18 U.S. wheat carryout average 1.079 billion bushels in a range from 1.045-1.100 billion bushels versus USDA’s May estimate of 1.070 billion bushels. Pre-report estimates for 2018/19 U.S. wheat ending stocks average 957 million bushels in a range from 820-994 million bushels compared with USDA’s May estimate of 955 million.