Corn is actually up a couple cents despite the lowered price estimate while wheat is down 16.25 cents at $8.325.
From the Farm Policy blog:
December World Agricultural Supply and Demand Estimates (WASDE)
Today the World Agricultural Outlook Board (WAOB) released its monthly World Agricultural Supply and Demand Estimates(WASDE), which stated in part that, “U.S. feed grain supply and use projections for 2012/13 are unchanged this month, but price outlooks for corn and sorghum are lowered based on prices reported to date. The season-average farm price for corn is lowered 20 cents at the midpoint and the projected range is narrowed to $6.80 to $8.00 per bushel.”...MORE
The WAOB also noted that, “Soybean oil production is raised 460 million pounds on the increased crush and on a higher soybean oil extraction rate. Soybean oil exports are projected at 1.8 billion pounds, up sharply from 1.2 billion last month on exceptionally strong November sales of just over 700 million pounds to several markets including China, Mexico, and undeclared destinations. Soybean meal exports are raised 0.3 million short tons to 8.2 million on strong sales to EU-27, Egypt, and several Asian markets including the Philippines and South Korea. Soybean meal domestic use is reduced 0.1 million short tons to 29.4 million in line with current meat production forecasts. With soybean exports unchanged at 1.345 billion bushels, soybean ending stocks for 2012/13 are projected at 130 million bushels, down 10 million from last month.
Prices for soybeans and products are all projected lower this month. The U.S. season- average soybean price range for 2012/13 is projected at $13.55 to $15.55 per bushel, down 35 cents on both ends of the range.” With respect to wheat, today’s WASDE report indicated that, “Projected U.S. wheat ending stocks for 2012/13 are raised 50 million bushels reflecting lower prospects for exports again this month....