USDA’s World Ag Supply & Demand Estimates (WASDE) report reduced U.S. feed grain ending stocks for 2013/14, with corn stocks down 25 million bushels due to an equal increase in projected exports. Global coarse grain supplies for 2013/14 are projected 1.4 million tons higher, with higher corn production for China.

The season-average U.S. farm price for corn was narrowed 5¢ on both ends of the range, to $4.25 to $4.75/bushel. That would put the 2014 average price $21.14-$2.64/bushel less than the 2013 average.

U.S. soybean supply and use projections for 2013/14 include higher imports and exports, reduced crush and reduced ending stocks compared with last month’s report. Soybean exports are raised 20 million bushels to a record 1.53 billion bushels, reflecting continued strong sales and shipments through February. Soybean stocks are projected at 145 million bushels, down 5 million from last month.

Global oilseed supplies, exports and ending stocks for 2013/14 were projected lower. Brazil soybean production was projected at 88.5 million tons, down 1.5 million bushels, reflecting hot, dry weather in the south.

Soybean and soybean product prices were all projected higher this month. The season-average price range forecast for soybeans was raised 25¢ on both ends of the range, to $12.20-$13.70/bushel. Soybean meal prices were projected at $450-$490/ton, up $25 at the midpoint.

Feed price* outlook

 

 

 

Estimated

Estimated

Forecast

Product

2011/12

2012/13

2013/14    

Corn ($/bu.)

6.22

6.89

4.25-4.75

Soybeans ($/bu.)

12.5

14.4

12.20-13.70

Soy meal ($/ton)

394

468

450-490

*U.S. average price paid at the farm level

Source: USDA World Ag Supply & Demand

Estimates report, March 10, 2014