The Department of Agriculture (USDA) has increased corn demand in it’s latest forecast for the 2017-18 crop year.
The monthly World Agriculture Supply and Demand report increased exports of corn by 175 million bushels to 2.2 billion bushels based on price competitiveness, and increased expected corn ethanol use by 50 million bushels to 5.5 billion bushels. The average price for corn was increased five cents a bushel in the report to $3.35 a bushel.
Meanwhile, the report shows a lower forecast for soybean exports, down 25 million bushels this month based on increased production and exports by Brazil. The price range for soybeans was increased, but the average expected price remains at $9.30 a bushel for the 2017-18 crop year.
Further, U.S. wheat exports for the 2017-18 crop year were lowered 25 million bushels to 925 million bushels, while ending stocks were bumped up the same amount, ending at 1.034 billion bushels. The average wheat price for the 2017-18 crop was bumped up 5 cents to $4.65 a bushel.
From the National Association of Farm Broadcasting News Service.