WASHINGTON, DC – USDA released their latest World Agricultural Supply and Demand Estimates (WASDE) report on Thursday with an expectation for higher prices for wheat and corn, no changes for soybeans , but the highest price for cotton in almost 10 years.
First, the wheat outlook is for reduced supplies, lower domestic use, unchanged exports, and decreased ending stocks. The projected season-average farm price is raised 10¢ per bushel to $6.70.
This month’s U.S. corn outlook is for lower supplies, reduced feed and residual use, increased food, seed, and industrial use, lower exports, and smaller ending stocks. The season-average corn price received by producers is raised 15¢ to $5.75 per bushel.
U.S. soybean supply and use changes include higher beginning stocks and lower production, crush, and exports. Beginning soybean stocks are raised on lower crush and exports. The season-average soybean price is forecast at $13.70 per bushel, unchanged from last month.
In this month’s U.S. cotton projections, beginning stocks are slightly larger, and a 536,000-bale decrease in production results in lower exports and ending stocks. The season-average price for upland cotton is forecast 5¢ higher at 80 cents per pound, the highest price since 2012.
(SOURCE: All Ag News)