WASDE reports raise soybean, corn forecast, lower wheat

• The U.S. Department of Agriculture released its latest WASDE reports on October 10, raising corn and soybean production and lowering wheat production.
  Corn production is forecast 80 million bushels higher at a record 14,475 million bushels as lower reported area is more than offset by a 2.5-bushel-per-acre increase in yield. Corn supplies for 2014-15 are projected at 15,736 million bushels, up 129 million from last month reflecting higher production and a 55-million-bushel increase in beginning stocks from the September Grain Stocks report.
  The soybean yield is projected at 47.1 bushels per acre, up 0.5 bushels from September. Harvested area is reduced 0.7 million acres to 83.4 million. Soybean supplies for 2014-15 are projected 24 million bushels below last month with lower beginning stocks from the Grain Stocks report more than offsetting increased production.
  Projected U.S. wheat ending stocks for 2014-15 are lowered 44 million bushels as increased production is more than offset by higher feed and residual disappearance and higher exports. Production for 2014-15 is raised 5 million bushels based on the latest estimate from the September 30 Small Grains 2014 summary. 

Latest USDA WASDE Report online

The USDA World Agriculture Supply and Demand Estimate Report for July 9 projects a reduction in the corn crop, a proportional escalation in price from the May estimate and an average farm price at $3.45 to $4.05/bushel.
The USDA WASDE projection for the 2010-2011 soybean crop is shown in the table below. Acreage to be harvested and yield are based on July projections taking into account weather and acreage planted, and the estimated average farm price falls at $9.10 to $9.60/bushel.

USDA lowers corn price estimate

The U.S. Department of Agriculture lowered its 2008-09 average corn price estimate to $3.55 to $4.25/bushel in a January 12 report, 10 cents below the previous month’s report.
The World Agricultural Supply and Demand Estimates (WASDE) place this year’s soybean prices at $8.50 to $9.50 per bushel compared with $8.25 to $9.75/bushel last month. Soybean meal prices are projected at $250 to $310 per short ton, up $10 on both ends of the range.
On wheat, the projected season-average farm price is narrowed 10 cents on both ends of the range to $6.50 to $6.90/bushel.
On coarse grains, USDA reduced feed and residual use by 50 million bushels, reflecting lower animal numbers and September-November disappearance as indicated by December 1 stocks.
In addition, the department lowered ethanol use by 100 million bushels as sustained negative ethanol production margins have reduced incentives for ethanol output. Looking at other crops, the sorghum season average farm price is lowered 10 cents to $2.90 to $3.50/bushel; barley narrowed 10 cents to $4.95 to $5.35/bushel; and oats raised 10 cents to $2.90 to $3.10.
The WASDE report reflects a lower meat production estimate from the previous month, with reduced 2009 broiler and pork production.
Beef production forecasts for 2009 are unchanged.