Source: Rita Jane Gabbett, MEATINGPLACE, 7/11/14


Ideal crop conditions point to large U.S. corn and soybean crops and lower feed prices for the livestock industry, USDA reported in its World Agricultural Supply and Demand Estimates report.

Even as USDA lowered its corn crop forecast to 13.86 billion bushels from last month’s 13.95, it also lowered its feed and residual use forecast, resulting in larger stocks of corn available to the market than projected last month.

The projected range for the season-average corn price is lowered 20 cents on each end to $3.65 to $4.35 per bushel. Lower farm prices are also projected for sorghum, barley, and oats.

Soybeans
USDA predicted a 3.8-billion-bushel soybean crop, which beat market analysts’ estimates.

Prices for soybeans and products for 2014/15 are all reduced.  The U.S. season-average soybean price is projected at $9.50 to $11.50 per bushel, down 25 cents on both ends of the range. Soybean meal prices are projected at $350 to $390 per short ton, down 5 dollars on both ends.

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