Demand strengthens for U.S. corn, soybeans
In its World Agricultural Supply and Demand Estimates (WASDE) report last week, the U.S. Department of Agriculture (USDA) raised its U.S. corn and soybean production forecast.
U.S. corn production for 2014/15 is forecast 363 million bushels higher at a record 14.39 billion bushels. The corn yield forecast is raised 4.3 bushels per acre to a record 171.7 bushels.
Corn supplies for 2014/15 are projected at 15.6 billion bushels, up 826 million bushels from the previous record in 2013/14.
The USDA raised its corn export forecast 25 million bushels to 1.75 billion bushels. Feed and residual use for 2014/15 is projected 75 million bushels higher this month with the larger crop and lower prices.
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