The USDA’s latest World Agricultural Supply and Demand Estimates report shows a slight uptick in corn prices, a 125-million-bushel increase in projected corn exports and a 9 percent drop in corn stocks.

The report, released on Wednesday, indicated an 8 percent jump in corn exports to 1.3 billion bushels.

“Continued strong export sales and a rising weekly shipment pace for U.S. corn during March support the higher expected export level as does an increase in projected global corn demand,” the report said.

The 2013-2014 season-average farm price for corn was raised to $4.40 to $4.80 per bushel, compared with $4.25 to $4.75 per bushel reported in March. Despite the increase, this price forecast is still 30 percent lower than corn prices seen in 2012-2013.

Globally, the USDA sees corn production increase by 6.4 million tons with a 2-million-ton increase for Brazil and a 1-million-ton increase for both South African and Russia.

The report also showed a 30-million-bushel increase in U.S. soybean supplies for 2013-2014, projected at 3.49 billion bushels. Exports were forecast higher as well, adding 50 million bushels to reflect a record year-to-date shipment and large outstanding sales.

“Despite relatively high prices and record harvests in South America, U.S. exports have remained strong, especially to China, where imports from the United States have already exceeded the previous marketing-year record,” the report said.

The range of season-average soybean price was narrowed $12.50 to $13.50 per bushel.  

Click here to read the full report.