Chad Hart , ISU Extension Grain Marketing Economist, provides a summary of the latest USDA report.
This morning’s supply and demand report mostly held to expectations. Old crop stocks remain very tight, while new crop stocks are projected to increase. Acreage was set by the June “Acreage” report and yields were held steady. That put an additional 30 million bushels of soybeans in the 2013/14 projections, while corn production slipped by 55 million bushels. On the demand side, there were no adjustments to soybean demand. Corn feed was raised 50 million bushels for old crop, but lowered 50 million for new crop. New crop exports were also lowered 50 million. In the end, projected 2013/14 prices remain the same, $4.80 for corn and $10.75 for soybeans.
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