WASDE: Corn prices to stay under $5

decrease font size  Resize text   increase font size       Printer-friendly version of this article Printer-friendly version of this article

The projected range of the season-average corn price has been dropped by 20 cents to $3.65 to $4.35 per bushel as favorable weather for the developing crop reduced summer price prospects.

According to the USDA’s latest World Agricultural Supply and Demand Estimates (WASDE), 2014 corn production was lowered by 75 million bushels to 13.86 billion bushels based on harvest acres reported in last month’s Acreage report.  This is just 65 million bushels below last year’s record-setting corn production.

The USDA left national average corn yield forecast unchanged at a record 165.3 bushels per acre. A favorable outlook for crop conditions and weather in early July support these record yields; however, an uncertain weather outlook remains for the critical pollination period during mid- to late-July.

The USDA also projected lower corn feed and residual use.  

 “Projected corn feed and residual use is lowered 125 million bushels based on lower-than-expected March-May disappearance as indicated by the June 1 stocks,” the report said.  “Corn used to produce ethanol is projected 25 million bushels higher based on the pace of ethanol production to date and lower projected sorghum food, seed, and industrial use, most of which is for ethanol.”

Soybeans: Record production expected
The USDA’s report also showed high soybean production, projected at a record 3.8 billion bushels. This is up 165 million bushels from last months’ report on increased harvested area.

June’s Acreage report showed record high soybean acreage at 84.1 million acres. If realized, this will break the previous record high by more than 7.4 million acres.

The projected soybean yield is unchanged at 45.2 bushels per acre. The U.S. soybean ending stocks are expected to reach 415 million bushels, up 90 million and the highest since 2006-2007 if realized.

Prices for soybeans were reduced from last months’ report. The season-average soybean price is expected to range between $9.50 and $11.50 per bushel. Soybean meal and oil prices are also reduced.  

Click here to read the full WASDE report.


Buyers Guide

Doyle Equipment Manufacturing Co.
Doyle Equipment Manufacturing prides themselves as being “The King of the Rotary’s” with their Direct Drive Rotary Blend Systems. With numerous setup possibilities and sizes, ranging from a  more...
A.J. Sackett Sons & Company
Sackett Blend Towers feature the H.I.M, High Intensity Mixer, the next generation of blending and coating technology which supports Precision Fertilizer Blending®. Its unique design allows  more...
R&R Manufacturing Inc.
The R&R Minuteman Blend System is the original proven performer. Fast, precise blending with a compact foot print. Significantly lower horsepower requirement. Low inload height with large  more...
Junge Control Inc.
Junge Control Inc. creates state-of-the-art product blending and measuring solutions that allow you to totally maximize operating efficiency with amazing accuracy and repeatability, superior  more...
Yargus Manufacturing
The flagship blending system for the Layco product line is the fully automated Layco DW System™. The advanced technology of the Layco DW (Declining Weight) system results in a blending  more...
Yargus Manufacturing
The LAYCOTE™ Automated Coating System provides a new level of coating accuracy for a stand-alone coating system or for coating (impregnating) in an automated blending system. The unique  more...
John Deere
The DN345 Drawn Dry Spreader can carry more than 12 tons of fertilizer and 17.5 tons of lime. Designed to operate at field speeds up to 20 MPH with full loads and the G4 spreader uniformly  more...
Force Unlimited
The Pro-Force is a multi-purpose spreader with a wider apron and steeper sides. Our Pro-Force has the most aggressive 30” spinner on the market, and is capable of spreading higher rates of  more...
BBI Spreaders
MagnaSpread 2 & MagnaSpread 3 — With BBI’s patented multi-bin technology, these spreaders operate multiple hoppers guided by independent, variable-rate technology. These models are built on  more...


Comments (0) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left


Pacesetter Grain Hopper

The Pacesetter Gain Hopper features original and innovative ideas like the patented RollerTrap™, the industry’s easiest to open and maintain trap ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form