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USDA lowers corn, soybean price projections
Story Date: 12/12/2012
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Source: Rita Jane Gabbett, MEATINGPLACE, 12/11/12
USDA lowered its season-average farm price for corn by 20 cents at the midpoint and the projected range is narrowed to $6.80 to $8.00 per bushel from $6.95 to $8.25 last month in its monthly World Supply and Demand Estimates report.
Prices received by farmers through October remained well below cash market bids and this year’s early corn harvest appears to have boosted early season marketings placing further downward pressure on the outlook for the season-average price.
U.S. corn production and use figures were left unchanged. USDA raised its corn production forecasts for China, Canada Russia, North Korea and Chile, but lowered them for Argentina Moldova and Ukraine.
Soybeans
USDA lowered its season-average U.S. soybean price range for 2012/13 to a range of $13.55 to $15.55 per bushel, down 35 cents on both ends of the range.
Soybean meal prices are projected at average $440 to $470 per short ton, down $15 on both ends of the range.
Soybean product and use estimates remain unchanged. Soybean crush is raised 10 million bushels to 1.570 billion due to strong foreign demand for soybean products.
To read the full report, click here.
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