US S&D Summary 06/10

                                 US Supply/Demand Estimates      06/10
Million Bushels
            --------Corn-------    ------Soybeans-----  -------Wheat------
Crop Year   20-21   20-21   21-22  20-21  20-21  21-22   20-21   20-21   21-22
Report Dat  06/10   05/12   06/10  06/10  05/12  06/10   06/10   05/12   06/10
Carryin     1,920   1,257   1,107    525    119    134   1,028     872     852
Production 14,182  14,990  14,990  4,136  4,405  4,405   1,826   1,872   1,898
Imports        25      25      25     35     35     35     105     125     125
Tot Supply 16,127  16,272  16,122  4,695  4,559  4,574   2,959   2,869   2,875

Feed        5,700   5,700   5,700                          100     170     180
Crush/mill  1,390   1,385   1,385  2,175  2,225  2,225     960     963     963
EthanolPro  5,050   5,200   5,200
Seed/other     30      30      30    106    119    119      63      62      62
Exports     2,850   2,450   2,450  2,280  2,075  2,075     985     900     900
Total Use  15,020  14,765  14,765  4,561  4,419  4,419   2,108   2,095   2,105
Carryout    1,107   1,507   1,357    134    140    155     852     773     770
Stks/UseRa   7.4%   10.2%    9.2%   2.9%   3.2%   3.5%   40.4%   36.9%   36.6%
Avg Price   $4.35   $5.70   $5.70 $11.25 $13.85 $13.85   $5.05   $6.50   $6.50
*Excludes corn for ethanol

In the June WASDE report, USDA estimated 2021-22 U.S. ending corn stocks at 
1.357 bb, less than expected. USDA kept its estimate of the 2021 corn crop at 
14.990 bb, based on a yield of 179.5 bushels per acre. 

USDA estimated U.S. soybean ending stocks for 2021-22 at 155 mb, a little more 
than expected. The 2021 soybean crop estimate was unchanged at 4.405 bb, based 
on a yield of 50.8 bushels per acre. 

USDA estimated U.S. ending wheat stocks for 2021-22 at 770 mb, slightly less 
than expected. 

Thursday's new U.S. ending stocks estimates were bullish for corn, slightly 
bearish for soybeans and neutral for wheat.