USDA Raising Projected Crop Prices Across the Board

WASHINGTON, DC – USDA released their monthly World Agricultural Supply and Demand estimates on Friday. For wheat, the government expects ending stocks to decline by 42 million bushels to 883 million, which would be the lowest ending stocks in six years leading to a season-average farm price of $4.70 per bushel – an increase of 20 cents. Corn ending stocks have been lowered by 336 million bushels and provide support to the average corn price of $3.60 per bushel (up 10 cents from last month’s projection). With smaller supplies and increased exports, ending stocks are projected to be almost 40 percent lower than last month (down 170 million bushels), now 290 million bushels this season. This is providing fuel to a soybean rally as USDA projects the season-average soybean price for $9.80 per bushel an increase of 55 cents over the September estimate. The season-average price for upland cotton is forecast at 61 cents per pound, an increase of 2 cents over last month, and slightly above the final price of 59.6 cents in 2019.
(SOURCE: All Ag News)