In its latest “World Agricultural Supply and Demand Estimates” report released on Tuesday, the USDA lowered corn’s season-average farm price for yet another month. This price for 2013-2014 was lowered by 10 cents at the midpoint with the range narrowed to $4.05 to $4.75
“Average prices received by farmers, however, are expected to continue to be reported above prevailing cash bids well into early 2014 as some sales will reflect the higher forward prices available before harvesting,” the report said.
The USDA also projected corn exports to jump 50 million bushels higher based on the pace of sales to date and an increase in global consumption. U.S. feed grain supplies for 2013-2014 was also slightly higher.
The report also raised the projected the season-average soybean price range for 2013-2013 at $11.50 to $13.50 per bushel, up 35 cents on both ends of the range. Soybean exports are forecast to increase by 25 million bushels to 1.475 billion, reflecting record commitments through November.