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First Look: Tuesday's WASDE Report
Today's World Agricultural Supply and Demand Estimates (WASDE) aren't expected to draw much attention today. Some estimates are unchanged while big decreases are offset other numbers bumping up.
Quick overview of today's report:
U.S. ending stocks are projected at 50 million bushels lower, with corn exports landing 50 million bushels higher. According the Grain Crushings and Co-Products Production report, corn use in ethanol production is lowered 50 million bushels. However, that is offset by an increase in 50 million bushels for projected feed and residual use.
The report says, "The season-average farm price for corn is projected at $3.50 to $3.90 per bushel, up 5 cents at the midpoint."
U.S. soybeans supply and use projections are unchanged this month. Ending stocks are holding strong at an 8-year high of 385 million bushels.
"The U.S. season-average soybean price range for 2014/15 is projected at $9.45 to $10.95 per bushel; soybean meal and soybean oil prices are projected at $350 to $390 per short ton and 30 to 34 cents per pound, respectively," says the report.
Projected U.S. ending stocks for 2014-2015 have been reduced 1 million bushels due to increased seed use based on the 2015 planted acres projection.
See the full WASDE here.