Wheat
Projected U.S. wheat supplies for 2014 to '15 are up 10 million bushels with higher expected imports of hard red spring wheat from Canada. This reflects higher stocks in Canada as well as the strong shipment pace to date. Domestic use is unchanged, but exports declined 25 million bushels with larger global wheat supplies and increased competition. Hard red winter wheat exports are down 15 million bushels because of the slow pace of sales and shipments to date. Hard red spring wheat exports are down 10 million bushels with increased competition expected from Canada. A 5-million-bushel increase in soft red winter wheat exports is offset by a 5-million-bushel reduction for white wheat. Projected all wheat ending stocks are up 35 million bushels. The projected range for the 2014 to '15 season-average farm price is down 40 cents at the midpoint to $5.50 to $6.30 per bushel.
Corn
Projected 2014 to '15 U.S. feed grain supplies are up this month with higher forecast corn production. Corn production for 2014 to '15 is forecast 363 million bushels higher at a record 14,395 million bushels. The corn yield forecast is up 4.3 bushels per acre to a record 171.7 bushels. Corn supplies for 2014 to '15 are projected at 15,607 million bushels, up 826 million bushels from the previous record in 2013 to '14.
Soybeans
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U.S. oilseed production for 2014 to '15 is projected at 116.2 million tons, up 2.5 million from last month. Higher soybean production is only partly offset by reductions for peanuts and cottonseed. Soybean production is projected at a record 3,913 million bushels, up 97 million because of a higher yield forecast. Soybean exports are up 25 million bushels to 1,700 million, mainly because of increased supplies. Soybean crush is up 15 million bushels to a record 1,770 million mostly on increased soybean meal exports, which are up on record high new-crop export sales. Domestic use of soybean meal is up in line with a small increase for 2013 to '14. Soybean ending stocks are projected at 475 million bushels which would be the highest since 2006 to '07.
