USDA’s World Ag Supply & Demand Estimates report raised 2014 and 2015 milk production estimates, as lower feed costs are expected to support higher output per cow. The 2014/15 projected season-average farm price for corn was lowered to $3.55-$4.25/bushel. The U.S. season-average soybean price for 2014/15 was forecast in a wide range – $9.35 to $11.35/bushel. Soybean meal prices were forecast at $340 to $380/ton. The Aug. 12 Crop Production report also figures into the feed price outlook. Production of alfalfa and alfalfa mixture dry hay for 2014 was projected to be up 11% from 2013. Read more