Not many changes to world supply and demand outlook
The USDA left old and new crop international supply and demand estimates largely unchanged on the month. The old and new crop balance sheets for corn and soybeans were both down slightly from May, while the wheat numbers were a little bit higher. The most significant adjustments were the department lowering the old crop soybean production guess by 1 million tons to 50 million and China’s soybean import guess by 2 million tons to 92 million tons.
The USDA’s next set of supply and demand estimates is out July 10th.