USDA lowers corn carryover, raises soybean forecast

by Ron Sterk
Share This:
Search for similar articles by keyword: [USDA], [Corn], [Soybean], [United States]

corn
 
WASHINGTON, D.C., U.S. — The U.S. Department of Agriculture, in its Feb. 8 World Agricultural Supply and Demand Estimates report, forecast U.S. corn carryover on Sept. 1, 2018, at 2.352 billion bushels, down 125 million bushels, or 5%, from its January forecast but up 59 million bushels, or 2.6%, from 2.293 billion bushels in 2017. The change was based on a 125-million-bushel increase in 2017-18 U.S. corn exports, forecast at 2.050 billion bushels, “reflecting U.S. price competitiveness and reduced exports for Argentina and Ukraine,” the USDA said.

All other 2017-18 corn supply and use forecasts were unchanged from January. The average price of corn paid to farmers was forecast at $3.05 to $3.55 a bushel, compared with $2.95 to $3.55 a bushel forecast in January and $3.36 a bushel in 2016-17.

 
The USDA forecast U.S. soybean carryover on Sept. 1, 2018, at 530 million bushels, up 60 million bushels, or 13%, from its January forecast and up 228 million bushels, or 75%, from 302 million bushels in 2017. The change was based on a 60-million-bushel decrease in 2017-18 soybean exports, forecast at 2.100 billion bushels, based on shipments and sales through January and increased competition from Brazil, the USDA said.

All other 2017-18 soybean supply and use forecasts were unchanged from January. The average price of soybeans paid to farmers was forecast at $8.90 to $9.70 a bushel, compared with $8.80 to $9.80 a bushel forecast in January and $9.47 a bushel in 2016-17. 
Partners