Thursday’s World Agricultural Supply and Demand Estimates (WASDE) report lowered corn export demand by yet another 150 million bushels. But this time, USDA also lowered corn production by 200 million bushels. January’s report remained bullish for corn, soybeans and wheat.
U.S. farmers produced 4.276 billion bushels of soybeans last year. The WASDE report pegged ending stocks for soybeans 10 million bushels lower than last month at 210 million bushels. Along with the lower production estimate, USDA also lowered export demand by 55 million bushels and residual use by 4 million bushels. The decision was made due to reduced supplies, lower import demand from China and higher exports expected out of Brazil. Even so, the national average price for soybeans was $14.20 per bushel, up a considerable $.20 from last month.
USDA kept wheat production unchanged at 1.65 billion bushels for this marketing year, with a national average of 46.5 bushels per acre. Ending stocks climbed up to 698 million bushels, 29 higher than December’s report.
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