The June WASDE features few major changes to the overall corn outlook. Ethanol demand in 2019/20 was reduced by 50 million bushels to 4.900 billion bushels. This was partially offset by 2019/20 production falling by 46 million bushels, mainly due to unrecovered corn in North Dakota.
With 2019/20 ethanol demand falling too much to be entirely offset, estimated 2020/21 corn beginning stocks and ending stocks rose by 5 million bushels to 2.103 and 3.323 billion bushels, respectively.
For 2019/20 soybeans, crushings rose by 15 million bushels, and production was lowered by 5 million bushels due to unrecovered supply in North Dakota, as well.
Those changes were more than offset by export demand reductions of 25 million bushels, bringing carryout for the current MY to 585 million bushels, up 5 million bushels from the May forecast.
Higher carry-in from 2019/20 did not raise new-crop ending stocks, though, as crush demand also rose by 15 million bushels for 2020/21. Thus, 2020/21 ending stocks fell to 395 million bushels, down 10 million bushels from May.
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