USDA raises corn export forecast by 25 million bushels
In their latest World Agricultural Supply and Demand Estimate (WASDE) report, the USDA reduced U.S. feed grain ending stocks for 2013-2014 on projected increase of corn exports and lower oats imports.
The report, released on Monday, projected corn exports 25 million bushels higher “on stronger world imports and the rising pace of shipments in recent weeks. Continued strong export sales also support the higher figure.”
The USDA narrowed its season-average farm price for corn by 5 cents on both ends to $4.25 to $4.75 per bushels.
The WASDE report also showed reduced soybean ending stocks, a move expected by analysts due to a robust export pace. Soybean exports were raised by 20 million bushels to a record 1.53 billion bushels, reflecting continued strong sales and shipments through February.
Projected prices for soybeans and soybean products were projected higher this month. The season average farm price for soybeans climbed to $12.20 to #13.70 per bushel.
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