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.
From the National Association of Broadcasters.