Source: Rita Jane Gabbett, MEATINGPLACE, 9/12/13


USDA raised its corn crop forecast to a record 13.843 billion bushels, beating market analysts’ forecasts and bringing the forecast average farm price for corn in the coming year down by 10 cents a bushel to a range of $4.40 to $5.20.

This, compared with this past year’s estimated record average corn price of $6.90 per bushel, which shattered the previous year’s record average price of $6.22 per bushel in 2011/12.

In its monthly World Agricultural Supply and Demand Estimates report, USDA lowered its soybean crop outlook to 3.149 billion bushels, which was in line with analysts’ expectations. The smaller crop led the agency to boost its forecast average farm price for soybean by more than $1 per bushel, to a range of $11.50 to $13.50 per bushel.

The agency lifted its soybean meal price forecast to a range of $360 to $400 per ton, compared to last month’s forecast of $305 to $345 per ton.

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