USDA’s World Ag Supply & Demand Estimates report said U.S. feed grain ending stocks for 2013/14 are expected lower. U.S. corn ending stocks are projected 150 million bushels lower, due to an increase in exports. Expected U.S. corn use for ethanol was unchanged at 5 billion bushels in 2013-14, up from 4.65 billion bushels in 2012-13.

The season-average farm price for corn was raised 10¢ on both ends of the projected range, to $4.20 to $4.80 per bushel. Season-average farm prices for the other feed grains are also projected slightly higher.

U.S. soybean supplies are increased 5 million bushels to 3.46 billion, on higher projected imports, mainly from Canada. Soybean exports for 2013/14 are projected at 1.51 billion bushels, up 15 million from last month reflecting the record pace of shipments and sales through January.

The 2013/14 season-average soybean price range is projected at $11.95 to $13.45/bushel, up 20¢ on both ends of the range. The soybean meal price is projected at $425 to $465/ton, up $10 on both ends of the range.