In its monthly World Agricultural Supply and Demand Estimates report, the USDA left the majority of its corn and soybean forecasts unchanged, including production and average farm prices.
According to the report, the average farm price of corn is expected to remain under $4 per bushel, ranging from $3.20 to $3.80 per bushel. Production was left unchanged, estimated at 14.4 billion bushels.
The USDA made few changes to its oilseed forecast as well. The U.S. season-average soybean price for 2014-2015 was left unchanged, expected to range between $9.00 and $11.00 per bushel. It pegged soybean production at 3.9 billion bushels – also unchanged from last month’s report.