WASDE: Corn, soybeans up
Wheat Projected U.S. wheat ending stocks for 2014 to '15 are down 44 million bushels. Production for 2014 to '15 is up 5 million bushels based on the latest estimate from the Sept. 30 Small Grains 2014 Summary. Hard red spring wheat and hard red ...
Projected U.S. wheat ending stocks for 2014 to '15 are down 44 million bushels. Production for 2014 to '15 is up 5 million bushels based on the latest estimate from the Sept. 30 Small Grains 2014 Summary. Hard red spring wheat and hard red winter wheat are up 32 million bushels and 9 million bushels, respectively. Reductions in the other three classes are partially offsetting. Projected feed and residual use is up 25 million bushels reflecting the Sept. 1 stocks that indicated higher-than-expected June to August disappearance. Projected exports are up 25 million bushels on higher-than-expected sales for hard red spring wheat and soft red winter wheat. The projected range for the 2014 to '15 season-average farm price is narrowed 5 cents on both the high and low ends to $5.55 to $6.25 per bushel.
Projected 2014 to '15 U.S. feed grain production is up this month as higher forecast corn production more than offsets a reduction for sorghum and the lower estimates for barley and oats from the Small Grains 2014 Summary. Corn production is forecast 80 million bushels higher at a record 14,475 million bushels as lower reported area is more than offset by a 2.5-bushel-per-acre increase in the yield. Corn supplies for 2014 to '15 are projected at 15,736 million bushels, up 129 million from last month reflecting both higher production and a 55-million-bushel increase in beginning stocks from the September Grain Stocks report. Projected imports are lowered 5 million bushels with tighter corn supplies in Canada.
U.S. oilseed production for 2014 to '15 is projected at 116.3 million tons, up 100,000 from last month. Soybean production is forecast at a record 3,927 million bushels, up 14 million with improved yields more than offsetting reduced harvested area. The soybean yield is projected at 47.1 bushels per acre, up 0.5 bushels from September. Harvested area is reduced 0.7 million acres to 83.4 million. Soybean supplies for 2014 to '15 are projected 24 million bushels below last month with lower beginning stocks from the Grain Stocks report more than offsetting increased production.