Dalian corn futures were slightly lower, while U.S. 2024/25 and 2025/26 corn carryout is estimated at 1.392 and 1.792 billion bushels, respectively, in today’s WASDE.
Vietnam opted to buy U.S. corn over South American supplies, but most global buyers, including Taiwan, continue sourcing from Brazil; Ukraine’s exports are tight, reaching 82% of USDA’s 22 mmt projection.
U.S. weekly corn export sales are estimated at 700-1200 mt vs 942 mt last week; ethanol production rose 9.5% year-over-year, with stocks up 2.2%.
Dalian soybean and soymeal futures traded higher, while soyoil and palm oil were lower.
U.S. soybean carryout is estimated at 351 million bushels for 2024/25 and 298 for 2025/26; world 2025/26 ending stocks are seen at 124.5 mmt vs 124.3 mmt in May.
China’s soybean imports are expected to hold at 108 mmt after a record May (13.6 mmt); India’s May veg oil imports rose from April but fell year-over-year; U.S. weekly soybean export sales are estimated at 100-500 mmt vs 194 mt last week.
The USDA is expected to raise Russia’s wheat crop estimate but lower its export outlook; Australia’s crop may also be revised higher, while the EU crop could be near 138 mmt.
Trade estimates put the U.S. wheat crop at 1.924 billion bushels (vs 1.921 in May), with 2024/25 carryout at 842 and 2025/26 at 924 million.
Wet weather has returned to the U.S. Southern Plains ahead of harvest; weekly U.S. wheat export sales are estimated at 400-600 mt vs 444 mt last week.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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