June 13, 2022

June USDA Wasde

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Today has had the USDA release the June WASDE. Overall, changes were relatively minor, but eased major grain supplies while tightening US soybean stocks.

Review this week’s market movement on GrainTab


2022/23 US wheat production estimates were marginally increased this month to 47.26Mt, up slightly from the May estimate of 47.05Mt, with a marginal increase in projected stocks.

Russian wheat production estimates were also raised, at 81Mt up 1Mt from last month.

In focus over the last month has been India, and the USDA downwardly revised production estimates to 106Mt, still above expectation, with exports forecast at 6.5Mt.

With so much uncertainty over Ukraine, supply and demand estimates were left unchanged from last month.


Current season US export projections were downwardly revised to 62.23Mt from an estimated 63.5Mt in May, resulting in new crop US beginning stocks being marginally increased. Overall, a slowing current season export pace resulted in a slight easing stock level for US corn next season, but production estimates were maintained.

While estimates for wheat supply and demand in Ukraine were left unchanged, for corn and the USDA increased production estimates to 25Mt, up from 19.5Mt in May, although export projections at 9Mt were maintained.


Current season US soybean export sales projections were increased yet again this month to 59.06Mt, up from 58.24Mt in May, resulting in a further decrease in US ending stocks, down to 5.58Mt from 6.39Mt in May. As a result, new season 2022/23 stock projections also tightened.

June 13, 2022