A Non-Event

Overall, the June World Agricultural Supply and Demand Estimate was a non-event. USDA made no changes to corn or soybean yields; no changes to old crop corn ending stocks; increased old crop soybean ending stocks by 10 million bushels and made no changes to the old crop wheat balance sheet. USDA lowered global corn carryout less than a million tonnes and made no changes to South American corn production. USDA did lower Brazil’s soybean production by one million tonnes to 153 million but did not change Argentina’s corn or soybean ending stocks.