The USDA gave us their monthly supply and demand update on Friday, with little in the way of surprises. Historically, June is a month of limited changes as it is too early in the growing season to have deep conviction about yield potential without some type of extenuating circumstances. Much the same can be said about demand projections, with the quarterly stocks update at the end of the month considered to be more of a reconciliation of estimates as we work into the last quarter of the marketing year.
True to form, the adjustments made Friday were small, with old crop corn carryout bumped 35 million bushels on the back of a 15 million bushel import reduction and a 50 million bushel reduction in exports. The old crop change carried over into new crop, with no other changes to the outlook seen, pushing new crop corn carryout to 2.257 billion bushels, up 805 million bushels year over year.
