USDA Expecting Higher Average Prices for Most Commodities

WASHINGTON, DC – USDA latest World Agricultural Supply and Demand Estimates (WASDE) reports expected higher prices for wheat, corn, soybeans, and cotton.

The initial outlook for new crop U.S. wheat is for smaller supplies, higher domestic use, lower exports, and reduced stocks. The projected season-average farm price is $6.50 per bushel, up $1.45 from last year’s revised price on reduced stocks and significantly higher U.S. corn prices.

The outlook for U.S. corn includes greater production and domestic use, lower exports, and increased ending stocks. The season-average corn price received by producers is projected at $5.70 per bushel, up $1.35 from a year ago when much of the crop was marketed at lower prices.

The new crop outlook for U.S. soybeans is for lower supplies, lower exports, higher crush, and higher ending stocks compared with 2020/21. With prices for fall delivery above $14.00 per bushel in some locations, the season-average soybean price is projected at $13.85 per bushel, up $2.60 from last season.

U.S. cotton production this growing season is projected to rise 2.4 million bales, but total supply is projected at its lowest in 5 years, and both exports and ending stocks are forecast lower than in last year. The upland cotton farm price is 75 cents per pound, a 10 percent increase over 2020.
(SOURCE: All Ag News)