Tidbits, June S&D, South America Crops, PPI, Weather, Export Sales 6/12/26
- Wright team
- Jun 12
- 5 min read
June S&D
Yesterday’s USDA June S&D was about as expected except for the increase of South American corn crops.
USDA increased old crop corn imports by 3 million bushels which carried through to the carryover. Old crop soybean exports were reduced by 20 million bushels, but the old crop soybean crush was increased the same 20 million bushels, which left the carryover unchanged at 340 million bushels, a 29 day supply. There was no change in the 2026 corn or bean production numbers, but the U.S. wheat crop was reduced by 18 million bushels, taking 3 days off the U.S. carryover, but still a burdensome 145 day supply. Last month, USDA posted the national average price expected to be paid to farmers for 2026 wheat at $6.50, but reduced that price to just $6.00 yesterday!
The global corn outlook was the negative part of yesterday’s numbers. The USDA more than offset its bullish world corn numbers from last month by increasing Brazil’s corn production by 3 million mts and Argentina’s corn production by 2 million mts. Corn production was also increased for India and Paraguay. Even though the world corn carryover was increased by 3.7 million mts, at a 78 day supply, that is still the tightest world corn carryout in 10 years!
The USDA increased Argentina’s 2026 soybean crop by 2 million mts to 50 million and left Brazil’s unchanged at 180 million mts. The bottom line is the new crop U.S. and world soybean carryovers are 4 days smaller than the old crop carryover, same as last month.
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