In the June WASDE, USDA lowered its 2020/21 corn ending stocks to 1.107 billion bushels, down 150 million bushels from the May figure and well below industry expectations.
The drop in stocks was caused by 2020/21 U.S. exports and ethanol demand each rising by 75 million bushels. Exports in 2020/21 are now forecast at a record 2.850 billion bushels, and 2020/21 ethanol demand is forecast at 5.050 billion bushels.
For soybeans, USDA raised its 2020/21 ending stocks forecast to 135 million bushels as domestic crushing fell from 2.190 billion bushels in May to 2.175 billion bushels in June. The increase in soybean stocks was above industry expectations.