The June USDA World Agricultural Supply and Demand Estimates report offered few surprises for grain traders, leaving market attention focused on technical signals and geopolitical developments. Total Farm Marketing Senior Advisor Naomi Blohm said USDA made virtually no changes to the corn and soybean balance sheets. The wheat numbers were more supportive, with USDA lowering its winter wheat production forecast. “Winter wheat production was forecast at 1.03 billion bushels, down two percent from May and down 27 percent from a year ago. So that part was friendly. It’s just a question of how much of this is priced into the market already.”
