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World Agricultural Supply and Demand Estimates- Brief Wheat, Corn and Soybean Highlights

On Tuesday the World Agricultural Outlook Board (WAOB) released its monthly World Agricultural Supply and Demand Estimates (WASDE) report, which included the following highlights:

Wheat– U.S. wheat ending stocks for 2014/15 are projected 5 million bushels higher as reduced exports more than offset an import reduction. Projected imports are lowered 20 million bushels to 160 million on pace to date. Projected exports are lowered 25 million bushels to 900 million on increased competition from EU and the recent strengthening of the dollar, which makes U.S. exports less competitive. Ending stocks are increased to 692 million bushels. The season-average farm price is lowered 5 cents on the low end and 15 cents on the high end to $5.85 to $6.15 per bushel.”

Corn– “U.S. feed grain ending stocks for 2014/15 are projected lower with reductions for corn, sorghum, and barley. Corn accounts for most of the reduction with projected use in ethanol production raised 75 million bushels on higher forecast 2015 gasoline consumption by the Energy Information Administration. Corn feed and residual use is projected 25 million bushels lower with the accompanying increase expected in supplies of distillers’ grains. Corn ending stocks for 2014/15 are reduced 50 million bushels. The projected range for the corn season-average farm price is narrowed 5 cents on both ends to $3.40 to $3.90 per bushel.”

All U.S. corn supply and demand variables from yesterday’s WASDE report are available in this table:

larger view here)

Soybeans– “The 2014/15 season-average soybean price range projection is unchanged at $9.45 to $10.95 per bushel.”

All U.S. soybean supply and demand variables from yesterday’s WASDE report are available in this table:

larger view here)

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