News in USDA reports drives crop prices higher

The U.S. Department of Agriculture (USDA) lowered its estimates for both corn and soybean ending stocks in its monthly report on world crop supply and demand. That news, along with recent acreage updates and weather concerns, has driven prices for corn and soybeans higher.

Corn beginning stocks for 2015/16 were projected lower at 1.78 billion bushels, down 97 million bushels. Corn production for 2015/16 is projected down 100 million bushels, at 13.53 billion bushels, reflecting the lower planted and harvested areas from the June 30 acreage report. Corn ending stocks for 2015/16 are projected 172 million bushels lower at 1.59 billion bushels.

Projected season-average prices received by producers for 2015/16 are higher for all the feed grains, with corn up 25...

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