Wheat
Projected U.S. wheat ending stocks for 2014 to '15 decreased 1 million bushels, with an increase in expected seed use. The seed use change is based on the 2015 planted-area projection released at the U.S. Department of Agriculture's February Agricultural Outlook Forum. The projected season average farm price range narrowed 5 cents on both the high and low ends to $5.90 to $6.10 per bushel.
Corn
U.S. feed grain ending stocks for 2014 to '15 are projected lower, with reductions for corn and barley. Corn use in ethanol production is projected 50 million bushels lower based on the new Grain Crushings and Co-Products Production report recently released by the National Agricultural Statistics Service. Reported corn use for ethanol for October through January implies a higher conversion rate than previously assumed.
Soybeans
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U.S. soybean supply and use projections for 2014 to '15 are unchanged this month. With soybean crush and exports projected at 1,795 million bushels and 1,790 million bushels respectively, ending stocks remain projected at an eight-year high of 385 million bushels. Soybean and soybean product prices are also unchanged. The U.S. season-average soybean price range for 2014 to '15 is projected at $9.45 to $10.95 per bushel; soybean meal and soybean oil prices are projected at $350 to $390 per short ton and 30 to 34 cents per pound, respectively.
