The latest World Agriculture Supply and Demand Report from the Department of Agriculture shows Brazil is reaching a record soybean planting. USDA predicted a record Brazilian soybean crop in the report Tuesday of 115 million metric tons, or 4.2 billion bushels. Domestically, U.S. soybean supply and use changes for 2017/18 include increased crush, lower seed and residual use, and lower ending stocks. Soybean ending stocks are projected at 550 million bushels, down five million. The season-average soybean price is forecast at $9.10 to $9.50, unchanged at the midpoint.
The monthly outlook for corn saw reduced feed and residual use, and increased ending stocks. With supply unchanged and total use declining, ending stocks were raised 55 million bushels. The projected range for the season-average corn price received by producers is unchanged at the midpoint with the range narrowed to $3.20 to $3.50 per bushel.
For wheat, USDA increased ending stocks by 30 million bushels to 1,064 million, all on lower feed and residual use. The season-average wheat farm price is unchanged at the range of $4.60 to $4.70 per bushel.