WASDE Report Recap for June 2022

On Friday June 10, the USDA released its latest World Agricultural Supply and Demand Estimates, or WASDE. The WASDE report provides an updated point of reference for old-crop and new-crop price expectations for corn, soybeans, and wheat. This article discusses changes in the report to US commodity balance sheets and one thing to watch going forward: the US season average price forecasts included in the WASDE.

The June report contained relatively minor adjustments to estimated US and world production, consumption, and exports for these commodities. The market reaction to the report was muted: on Friday, new-crop futures prices were up four cents per bushel for corn, down 14 for soybeans, and down one for soft red winter wheat. This reaction reflects limited available information about the size of the US crop, particularly for corn and soybeans as the late 2022 planting season is just now wrapping up. Markets will closely follow weather conditions and crop progress over the coming months and re-assess planted acreage estimates around the upcoming release of the USDA-NASS Acreage report on June 30.

Janzen, J. "WASDE Report Recap for June 2022: Small Changes and Season Average Price Forecasts." farmdoc daily (12):88, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, June 13, 2022.
https://farmdocdaily.illinois.edu/2022/06/wasde-report-recap-for-june-2022-small-changes-and-season-average-price-forecasts.html

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