News
USDA raises soybean export projections
The USDA has left the ending stocks for US corn unchanged, tightened soybean supplies, and raised wheat supplies.
Corn came out at 1.44 billion bushels, unchanged from March. USDA did move 25 million bushels from feed use to ethanol use. The average farm price is estimated at $5.80, up $.15.
Soybeans are seen at 260 million bushels, 25 million less than last month on higher export projections.
The average farm price is estimated at $13.25, unchanged from March.
Wheat ending stocks are expected to be 678 million bushels, 25 million more than a month ago with lower exports and lower feed use. The marketing year for Wheat ends in May. The average farm price is estimated at $7.60, a gain of $.10.
Globally, the USDA also raised corn and lowered soybean ending stocks, and lowered the outlook for wheat supplies slightly.
The USDA says the ongoing conflict between Russia and Ukraine significantly increased the uncertainty of supply and demand conditions not only in the region, but globally.
The next set of supply and demand numbers is out May 12th.