WASDE: Corn Yield Raised to 171.7 Bushels, Production Boosted to Record-High 14.395 Million Bushels
COARSE GRAINS: Projected 2014/15 U.S. feed grain supplies are raised this month with higher forecast corn production. Corn production for 2014/15 is forecast 363 million bushels higher at a record 14,395 million 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 15,607 million bushels, up 826 million bushels from the previous record in 2013/14.Also at AgWeb;
Total 2014/15 corn usage is projected at 13,605 million bushels, up 170 million from last month. Although a record, usage is expected up just 5 million bushels from 2013/14 as export prospects remain constrained by large foreign carryin stocks. Feed and residual use for 2014/15 is projected 75 million bushels higher this month with the larger crop and lower prices. Projected food, seed, and industrial use is raised 70 million bushels with increases expected for both ethanol and sweeteners. Increases are supported by the reduced corn price outlook and higher production of these corn-based products in recent months. Corn exports are projected 25 million bushels higher with lower prices and reduced competition expected from South America later in the marketing year. Projected U.S. corn ending stocks are raised 194 million bushels to 2,002 million and would be the highest since 2004/05. The projected season-average corn farm price is lowered 40 cents at the midpoint to $3.20 to $3.80 per bushel....MORE
WASDE: World Wheat Production Could Soar to 720 Million Tons
The futures are getting hammered, corn down 17.40 cents (4.89%) at $3.3860 and wheat down 28.80 cents at $5.0640.
