Higher corn, soybean use underway -- WASDE
Soybean exports are seen higher than a month ago, with a total of 1.475 billion bushels leaving U.S. fields for destinations abroad, according to Tuesday's USDA World Agricultural Supply and Demand Estimates (WASDE) report. That's got federal officials expecting higher prices for soybeans in the coming month.
"The U.S. season-average soybean price range for 2013/14 is projected at $11.50 to $13.50 per bushel, up 35 cents on both ends of the range," according to Tuesday's report.
Tuesday's report also showed a critical figure to the corn marketplace; the data show U.S. corn use for ethanol is higher than expected, and that contributes to an overall higher use picture in general, on top of an already strong export picture.
"U.S. corn use for 2013/14 is projected higher with increases for food, seed and industrial uses and for exports," according to Tuesday's report. "Corn used in ethanol production is projected 50 million bushels higher reflecting the strong pace of weekly ethanol production since mid-October. Exports are also projected 50 million bushels higher based on the pace of sales to date and higher expected global consumption. Projected U.S. ending stocks are lowered 95 million bushels."