The latest World Agricultural Supply and Demand Estimates (WASDE) report released Tuesday by the Department of Agriculture predicts lower corn stocks.
USDA predicts that about 2.43 billion bushels of corn will be in storage at the end of the 2018 marketing year, down from a previous estimate of 2.48 billion. USDA expects 50 more million bushels of corn will be used for ethanol production.
Meanwhile, USDA predicts soybean inventories will total 445 million bushels at the end of the marketing year, an increase from last month’s prediction of 425 million bushels. That prediction comes as USDA previously projected soybean planted acres to reach a record 91 million acres in 2018.
USDA left the season average price for corn unchanged from last month at $4.60 per bushel for the midpoint, but narrowed the price range by 10 cents on both ends to $4.50 to $4.70 per bushel.
The U.S. season-average soybean price range was narrowed to $8.60 to $10.00 per bushel.
From the National Association of Farm Broadcasting News Service.