The latest World Agriculture Supply and Demand Estimate (WASDE) report largely focused on global market conditions.
The USDA noted weather concerns in South America with lower soybean harvest projections for Argentina and Brazil.
This month’s U.S. soybean outlook projects increased soybean crush and lower ending stocks. Soybean crush is forecast at 2.2 billion bushels, up 25 million from last month on favorable crush margins.
The U.S. season-average soybean price for 2021/22 is forecast at $13.00 per bushel, up 40 cents from last month, partly reflecting the impact of drought in South America.
This month’s U.S. corn outlook is for higher production, greater food, seed, and industrial use, lower exports, and larger ending stocks.
The season-average corn price received by producers was unchanged at $5.45 per bushel.
The outlook for U.S. wheat this month is for stable supplies, lower domestic use, reduced exports, and higher ending stocks. The projected season-average farm price increased $0.15 per bushel to $7.30.