WASHINGTON, DC – USDA’s June WASDE report leaves corn and soybeans mostly steady but tightens the wheat outlook and splits the livestock picture between beef and pork. The report gives producers a mostly stable row-crop balance sheet with sharper signals in wheat and meat markets.
U.S. wheat production is cut by 18 million bushels to 1.543 billion, mostly due to smaller hard red winter output. Ending stocks fall to 744 million bushels, while the farm price drops to $6.00. Corn is virtually unchanged, with the farm price holding at $4.40. Soybean supply, use, and price projections are unchanged, and season-average prices remain steady at $11.40.
Cotton ending stocks are reduced because of a 200,000-bale cut from the prior year. New-crop production, use, and trade are unchanged, with the projected farm price steady at 73 cents.
Beef production is lowered as steer, heifer, and cow slaughter slow, though heavier weights offset part of the decline. Pork production is slightly higher on heavier dressed weights.
USDA also lowers beef exports in the second quarter but raises pork exports on stronger recent shipments.
Farm-Level Takeaway: Wheat and beef carry tighter supply signals, while corn, soybeans, cotton, and pork show steadier outlooks.