WASHINGTON — The world agricultural supply-demand balance
sheets were adjusted to reflect larger U.S. corn, soybean and wheat
The U.S. Department of Agriculture projected 2014-2015 corn
supplies at a record 15.243 billion bushels with the increase in production
partially offset by a 65 million-bushel reduction in beginning stocks.
Corn production for the current marketing year is forecast
at a record 14.032 billion bushels on yields of 167.4 bushels per acre.
Corn use for ethanol and exports are raised 45 million
bushels and 20 million bushels, respectively, for 2013-2014, based on reported
data to date.
Projected corn use for 2014-2015 is higher with use for
ethanol and exports each raised 25 million bushels and feed and residual
disappearance 50 million bushels higher with the larger crop.
Projected ending stocks for 2014-2015 were raised slightly
to 1.808 billion bushels of corn.
The projected season-average farm price for corn was lowered
10 cents at both ends of the range to $3.55 to $4.25 per bushel.
Soybean production for this year is forecast at 3.816
billion bushels, up 16 million due to a higher yield. The first survey-based
soybean yield forecast is a record 45.4 bushels per acre, 0.2 bushels above last
month and 2.1 bushels above last year.
Soybean supplies for 2014-2015 are projected slightly above
last month based on the higher production forecast. With minimal supply gains,
soybean exports and crush are unchanged, leaving ending stocks projected at 430
The U.S. season-average soybean price for 2014-2015 is
forecast at $9.35 to $11.35 per bushel, down 15 cents on both ends.
Soybean meal and oil prices are forecast at $340 to $380,
down $10 at the midpoint. Soybean oil prices are forecast at 35 to 39 cents per
pound, down 1 cent at the midpoint.
Projected U.S. wheat supplies for 2014-2015 were raised this
month by USDA mostly with an increase in forecast hard red winter wheat
production, as well as smaller increases for soft red winter, hard red spring
Northern parts of the hard red winter belt have
substantially higher yields than the drought-damaged southern and central
plains. The largest hard red winter increases are in Colorado and Nebraska.
After a delay in planting, hard red spring wheat has had
good growing conditions and yields are forecast well above average.
Feed and residual use for all wheat this marketing year was
raised 10 million bushels to 155 million due to the larger supplies. All wheat
exports for 2014-2015 are increased 25 million bushels because of the larger
hard red winter crop.
The projected season-average farm price range was lowered 30
cents at the midpoint to $5.80 to $6.80 per bushel.