CHICAGO, June 10 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Thursday, with corn and wheat rising and soybean dropping.

The most active corn contract for July delivery rose 8.25 cents, or 1.19 percent, to settle at 6.99 dollars per bushel. July wheat gained 1.5 cents, or 0.22 percent, to settle at 6.8375 dollars per bushel. July soybean dropped 18.5 cents, or 1.18 percent, to close at 15.44 dollars per bushel.

The June World Agricultural Supply and Demand Estimates (WASDE) report released by U.S. Department of Agriculture (USDA) was largely in line with known input, Chicago-based research company AgResource noted.

WASDE report cut 2020-2021 U.S. corn end stocks to 1,107 million bushels, a 150-million-bushel reduction; raised exports by 100 million bushels to a record large 2,857 million bushels; and increased ethanol use by 50 million bushels to 5,025 million bushels. U.S. 2021-2022 corn end stocks fell to 1,357 million bushels.

WASDE lowered the 2021 Brazilian corn crop to a conservative 98.5 million metric tons, down 3.5 million metric tons but slightly above the average trade guess of 97.0 million metric tons. Brazil's 2020-2021 corn exports are 33 million metric tons, down 1 million metric tons from May and 2.3 million metric tons from the year prior. 2021-2022 world corn end stocks are estimated at 289.4 million metric tons with China importing 26.0 million metric tons.

WASDE increased U.S. 2020-2021 soybean end stocks by 15 million bushels to 135 million bushels and adjusted new crop by a like amount to 155 million bushels.

U.S. 2021-2022 wheat end stocks were lowered 4 million bushels from May amid higher old crop exports.

The National Agricultural Statistics Service (NASS) pegged 2021 hard red winter (HRW) wheat production at 771 million bushels, up 40 million from May but very close to expectations. Soft red winter (SRW) wheat production was raised 3 million bushels to 335 million bushels. White winter wheat production was lowered another 18 million bushels amid ongoing drought in Pacific Northwest (PNW) at 202 million bushels, the smallest since 2015 and down 18 percent from last year. Additional downgrades to winter white wheat production are anticipated. And spring wheat production is likely to drop 100-130 million from last year, resulting in a year-over-year decline in U.S. wheat output of 30-60 million bushels.

The 2021-2022 world wheat balance sheet was loosened slightly as combined EU/Black Sea production was raised 4.5 million tons. Global consumption was raised only 2.4 million tons.

A further reduction in Brazilian corn production will result in an ongoing re-shuffling of the global corn trade matrix - to the benefit of U.S. exporters. Otherwise, it's back to weather. AgResource stays bullish about the market. Enditem

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