Not Much To Report From The WASDE

June was a quiet month for the World Agricultural Supply and Demand Estimates, better known as the WASDE.

“We didn't have a bunch of last-minute policy changes we had to incorporate in the WASDE," said USDA chief economist Seth Meyer.  "No firm information yet on any new changes. Also, by the time we went into lock up no renewable fuel standard had dropped yet. That's likely to be something we'll have to incorporate into the next WASDE”.

This comes despite the June crop production report that featured a winter wheat forecast, which has the largest crop since 2016.

“There right in line with expectations and unchanged from last month,” Meyer said.

Meyer said one area worth watching ongoing rains in the southern cotton and rice growing regions hampering planting of those crops which led to reductions in harvested acreage projections.

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