The latest monthly World Agriculture Supply and Demand Estimates report from the Department of Agriculture shows lower estimated soybean exports for the 2017-18 crop year. USDA lowered soybean exports by 60 million bushels to 2.1 billion bushels. The U.S. season-average soybean price range for 2017/18 is projected at $8.90 to $9.70 per bushel, unchanged from the previous report.
USDA increased its forecast for corn exports, while reducing stocks. Exports increased 125 million bushels on price competitiveness with other nations. The season-average corn price received by producers is projected at $3.30 per bushel, up five cents from the previous report. Projected wheat ending stocks were raised by 20 million bushels, with exports increasing. USDA left season-average farm price for wheat unchanged at $4.60 per bushel.
Source: NAFB News Service