In the June World Agriculture Supply and Demand Estimates report, the USDA lowered the old crop U.S. corn carryout by 150 million bushels on increased ethanol and export demand in the June supply and demand report. USDA made no change to new crop demand, with ending stocks at 1.36 billion bushels. The farm gate price for corn remains unchanged from last year at $5.70 per bushel. USDA lowered old crop soybean carryout by 15 million bushels, increased new crop carry-in by 15 million bushels and made no changed to new crop usage. USDA left the season average farm gate soybean price unchanged from May at $13.85 per bushel. The USDA also lowered new crop wheat ending stocks by four million bushels on increased feed and residual use. The season average farm price for wheat is unchanged at $6.50 per bushel.
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