Source: Rita Jane Gabbett, MEATINGPLACE, 10/10/14


USDA predicted a record corn crop, which will mean cheaper feed costs for livestock producers, whom USDA expects to feed more corn to their animals as they expand production.

In its latest World Agricultural Supply and Demand Estimates report, USDA put the corn crop currently being harvested at a record 14.475 billion bushels, up 80 million bushels from last month’s forecast. 

Corn supplies for 2014/15 are projected at 15.736 billion bushels, up 129 million from last month, reflecting both higher production and a 55-million-bushel increase in beginning stocks from the September Grain Stocks report.

Projected U.S. corn use for 2014/15 is raised 50 million bushels on higher expected feed and residual disappearance driven by the larger crop, higher projected meat production, and the lower price outlook.

The projected range for the season-average farm price for corn is lowered 10 cents on each end of the range to $3.10 to $3.70 per bushel.

Soybeans
USDA forecast soybean production at a record 3.927 billion bushels, up 14 million bushels from last month as improved yields more than offsetting reduced harvested area.

Soybean supplies for 2014/15 are projected 24 million bushels below last month, however, due to lower beginning stocks from the Grain Stocks report, which more than offsetting increased production.

USDA left its price forecasts for soybeans and soybean meal unchanged from last month, projecting soybean prices in a range of $9 to $11 per bushel and soybean meal at $330 to $370 per ton.

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