Soybean and Cotton Prices Moving Higher on Exports

WASHINGTON, DC – The outlook for U.S. wheat this month is for slightly smaller supplies, unchanged domestic use, higher exports, and lower ending stocks. That’s according to the latest World Agricultural Supply and Demand Estimate released Thursday morning by USDA. The season-average farm price is unchanged at $4.70 per bushel. This month’s U.S. corn supply and use outlook is unchanged from last month. The projected season-average farm price is unchanged at $4.00 per bushel. Total U.S. oilseed production for this year is projected at 123.7 million tons, down from last month on lower cottonseed production. With exports unchanged, soybean ending stocks are projected at 175 million bushels and if realized, ending stocks would be the lowest since 2013/14 marketing year. The U.S. season-average soybean price is projected at $10.55 per bushel, up 15 cents. This month’s outlook for U.S. cotton includes lower production, higher exports, and lower ending stocks. Production is lowered 1.1 million bales, mainly due to a 900,000-bale reduction in Texas. Upland cotton’s projected season-average price is 65.0 cents per pound, 1 cent higher than last month and 5.4 cents above last season.
(SOURCE: All Ag News)