According to USDA's June WASDE Report, the outlook for 2023/24 U.S. wheat this month includes:
Larger supplies, unchanged domestic use and exports, and higher stocks.
Supplies are raised as all wheat production is projected at 1,665 million bushels, up 6 million from last month on higher Hard Red Winter production more than offsetting reductions in Soft Red Winter and White Winter.
The all-wheat yield is 44.9 bushels per acre, up 0.2 bushels from last month but remaining below last year.
Total use is unchanged with all of the production increase added to ending stocks, now projected at 562 million bushels.
The 2023/24 season-average farm price is lowered $0.30 per bushel to $7.70 on larger U.S. and foreign wheat supplies.
The U.S. coarse grains report is little changed from last month with increases to both beginning and ending stocks. The 2023/24 U.S. corn outlook includes:
Beginning stocks are up 35 million bushels reflecting a forecast decline in exports for 2022/23 that is partly offset by lower imports.
Exports are lowered by 50 million bushels, based on reported U.S. Census Bureau shipments through the month of April, export inspection data for the month of May, and expectations of competition from Brazil in the coming months.
With no supply or use changes for 2023/24, ending stocks are raised 35 million bushels.
The season-average farm price received by producers is unchanged at $4.80 per bushel.