The latest World Agricultural Supply and Demand Estimates released Tuesday by the Department of Agriculture reduces projected corn use and calls for lower soybean imports.
This month’s 2018/19 corn outlook projects lower feed and residual use, reductions in corn used for ethanol and exports, and larger stocks.
The season-average corn price received by producers is unchanged at a midpoint of $3.55 per bushel.
Meanwhile, soybean supply and use changes for 2018/19 include lower imports, higher seed use, and lower ending stocks.
Soybean imports are also reduced in line with reported trade through January.
The season-average soybean price is forecast at $8.35 to $8.85, unchanged at the midpoint.
The outlook for wheat this month is for unchanged supplies but reduced exports and domestic use.
The season-average farm price is raised $0.05 per bushel at the midpoint to $5.20.
The cotton supply and demand forecasts show lower consumption and higher ending stocks relative to last month.
The season-average farm price is unchanged with a midpoint of 70 cents per pound.
Finally, the 2019 forecast for total red meat and poultry production is lowered from last month on lower expected beef, pork and broiler production.