USDA lowers season-average corn price, but raises soybean prices
The U.S. Department of Agriculture (USDA) made upward revisions to old-crop corn use and new-crop supplies in its September World Agricultural Supply and Demand Estimates (WASDE). USDA lowered carryout in old-crop corn and raised it slightly in the new-crop year.
Ending stocks in the 2012-2013 marketing year were cut by 58 million bushels on increased feed use, fuel use and exports, says Texas A&M grain analyst Mark Welch. “The lower carryover from last year, the beginning stocks number for 2013-2014, was offset by an increase in corn production,” he says. “The net increase in new-crop corn supplies is 18 million bushels.”