USDA WASDE Lowers Corn Use, Soybean Imports

USDA WASDE Lowers Corn Use, Soybean Imports
Photo Credit:AgView | Story Source: NAFB/USDA

The latest World Agricultural Supply and Demand Estimates released Tuesday by the Department of Agriculture reduces projected corn use and calls for lower soybean imports. This month’s 2018/19 corn outlook projects lower feed and residual use, reductions in corn used for ethanol and exports, and larger stocks. The season-average corn price received by producers is unchanged at a midpoint of $3.55 per bushel.


Meanwhile, soybean supply and use changes for 2018/19 include lower imports, higher seed use, and lower ending stocks. Soybean imports are also reduced in line with reported trade through January. The season-average soybean price is forecast at $8.35 to $8.85, unchanged at the midpoint. The outlook for wheat this month is for unchanged supplies but reduced exports and domestic use. The season-average farm price is raised $0.05 per bushel at the midpoint to $5.20. The cotton supply and demand forecasts show lower consumption and higher ending stocks relative to last month. The season-average farm price is unchanged with a midpoint of 70 cents per pound.


Finally, the 2019 forecast for total red meat and poultry production is lowered from last month on lower expected beef, pork and broiler production.

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