The report forecasted a 20-cent increase for $/bu for wheat from May's outlook of $4.70 - $5.70 to $4.90 - $5.90, but down from 2008's $6.85/bu (WASDE Wheat Table).
Wheat's beginning stock prediction remained unchanged at 669 million bushels from May's report, but ending stock increased by 10 million bushels to 647 million bushels.
Production was estimated at 2,016 million bushels, down 10 million bushels from May's prediction of 2,026 million bushels and down more than 19% from 2008.
The report's outlook for soybean's $/bu increased by 55 cents from May's outlook of $8.45 - $10.45 to $9.00 - $11.00 - around 2008's average price of $10.00/bu (WASDE Soybean Table).
The WASDE decreased its prediction for soybean beginning stock from May's 130 million bushels to 110 million bushels and ending stocks from 230 million bus to 210 million bushels.
Soybean production was estimated at 3,195 million bushels, same as May's report, and up 8% from 2,959 million bushels in 2008.