The USDA’s World Agricultural Supply and Demand Estimates report was relatively quiet for both coarse grains and oilseeds.
No change in corn production.
Little was changed from May’s report, including projected corn production for 2014-2014. The USDA expects a record 13.9 billion bushels, unchanged from last month.
The projected range for the 2014-2015 season-average farm price is also unchanged at $3.85 to $4.55 per bushel.
The report also indicated that crop conditions are the best in four years. The USDA’s latest Crop Progress report showed conditions in the Corn Belt in particular are better than any time since 2007.
Globally, corn production for 2014-2015is raised by 2 million tons with increases reported for Ukraine, the European Union and Russia.
The WASDE report was relatively quiet for soybeans and oilseeds, too.
The report showed a small reduction in soybean beginning and ending stocks, included in lower supply and use projections for 2014-2015. The USDA projects soybean production at 3.6 billion bushels, unchanged from last month.
The season-average farm price for soybeans was also left unchanged, forecast to range from $9.75 to $11.75 per bushel.
Soybean ending stocks for 2013-2014 are projected at 125 million, down 5 million from last month. Ending stocks for 2014-2015 are also reduced by 5 million bushels to 325 million.
Looking at global oilseed production, the USDA projects production for 2014-2015 at 516 million tons, up 0.8 million from last month