USDA Friday released the June World Agricultural Supply and Demand Report. The forecast includes a decline in exports for corn and soybeans. The 2023/24 U.S. corn outlook is little changed from last month with increases to both beginning and ending stocks. Corn area and yield forecasts are unchanged. The season-average farm price received by producers is unchanged at $4.80 per bushel. This month’s U.S. soybean supply and use projections include higher beginning and ending stocks. Higher beginning stocks reflect reduced exports for 2022/23, down 15 million bushels to 2.0 billion based on lower-than-expected shipments in May and competition from South America. The soybean price is forecast at $12.10 per bushel, unchanged from last month. The outlook for wheat this month projects larger supplies, unchanged domestic use and exports, and higher stocks. The 2023/24 season-average farm price is lowered $0.30 per bushel to $7.70 on larger U.S. and foreign wheat supplies.
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