USDA adjusts soybean, wheat price outlooks
The USDA has cut the average farm price outlook for soybeans, raised the projection for wheat, and left corn unchanged.
The average farm price for corn is $5.45 per bushel, steady with October and more than $.90 above last marketing year due to larger than a year ago feed, food, and fuel expectations.
The average price for soybeans is pegged at $12.10 per bushel, compared to $12.35 a month ago due to slower export demand, but above last year’s average of $10.80.
The average farm price for wheat is seen at $6.90 per bushel, compared to $6.70 last month following a cut in imports and jump in seed use, and considerably more the year ago average of $5.05 because of a smaller U.S. crop and tighter domestic and global supplies.
The current marketing year started June 1st for wheat and September 1st for corn and soybeans.
The USDA’s next set of supply and demand estimates is out December 9th.