The Department of Agriculture lowered 2017/2018 ending stocks for corn and soybeans in its latest monthly World Agriculture Supply and Demand Estimates. USDA reduced ending stocks for corn 105 million bushels to 1.57 billion bushels, which if reached, would be the lowest level since 2013/2014. The season-average farm price is raised ten cents at the midpoint with a range of $3.40 to $4.40 per bushel.
Ending stocks for 2018/2019 are projected at 385 million bushels, down 30 million from last month. Price forecasts for 2018/2019 are unchanged this month. The 2018/2019 season-average price for soybeans is forecast at $8.75 to $11.25 per bushel.
Wheat supplies are increased slightly this month on higher beginning stocks and production. Winter wheat is forecast up six million bushels to 1.19 million with modest increases in all winter wheat classes and total wheat production is now at 1.82 million. The projected season-average farm price is up $0.10 per bushel with the midpoint at $5.10, compared to the revised 2017/2018 price of $4.75.