June 1 corn stocks are seen to come in 61 million bushels smaller than 2017.
Historically, there is very little correlation between final soybean yield and early season crop condition reports.
Despite the recent rise in soybean meal price, a continuation of strong domestic consumption appears feasible for 2018.
The USDA may revise the forecast of ending stocks for soybeans.
The Prospective Plantings report will provide the initial indication of potential acreage allotments for spring crops and set the tone for corn and soybean production potential moving forward.
Over the last 10 marketing years, soybean export totals from March through August averaged 367 million bushels.
At 1.392 billion bushels, total use of corn for ethanol production during the second quarter outpaces last year’s use by 21 million bushels.
Presently, an expectation for an increase in soybean planted acreage exists.
Soybean export numbers show that most of U.S. trading partners at or near last year’s export levels except for China.
The recent strength in ethanol production has led to speculation about changes to USDA’s estimate of corn used for ethanol in the pending WASDE report.