USDA Report - June 30

Jun 30, 2023

Taylor Bensenberg is a Grain Originator at River Valley Cooperative and gives insight into the USDA report. The USDA released its report on June 30th. The report shows the stocks and acres with no update to the balance sheets, no world numbers, and no yield changes.

The June 1st stocks show that corn is within the trade estimate at 4.106 billion bushels. Then beans are below the trade estimate at 796 million bushels. With the June 1st acre report the USDA states a similar story with corn acres within the trade estimate at 94.096 million acres and beans well below the trade estimate at 83.505 million acres.
This shows a very bullish bean market with a bearish corn market. Corn has dropped around 30-35 cents while beans rose 70-75 cents. In the future, we will see some changes in the supply and demand market of these grains come the July report.

The grain market has been very volatile over the past few weeks. Right now, we are seeing a textbook weather market meaning the market is heavily dependent on what the weather conditions are. The markets tend to overreact to the June weather, and they tend to mellow out a bit in July.

For the July 4th weekend we will see the markets open normal hours on Monday closing at 1:30 p.m. and reopening on Wednesday at 8:30 a.m. July 5th.

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River Valley Cooperative’s priority is to keep our customers safe and comfortable. With the current stretch of winter weather and cold temperatures, we understand that you may be worried, but our energy department is closely monitoring tanks.