The latest World Agriculture Supply and Demand Report from the Department of Agriculture Monday predicts lower corn and soybean prices for the growing year. The corn outlook calls for larger supplies, greater feed and residual use, increased exports, and higher ending stocks.
Corn production is forecast 175 million bushels higher based on greater planted and harvested area from the June 30 Acreage report. With supply rising more than use, ending stocks are up 75 million bushels.
The season-average farm price declined ten cents to $5.60 per bushel. Soybean production is projected at 4.4 billion bushels, unchanged from last month. Harvested area, pegged at 86.7 million acres in the June 30 Acreage report, is unchanged from last month but up 4.4 million from last year.
The season-average soybean price is $11.05 per bushel, down 20 cents from last month. The outlook for wheat this month predicts reduced supplies, lower domestic use and exports, and decreased ending stocks. The projected season-average farm price increased ten cents per bushel to $6.60.