Minor Changes Reflect Lower Production Estimates for Corn and Soybeans
October 9th, 2015
Produced by Bill Holbrook
Corn production for 2015/16 was lowered 30 million bushels based on lower harvested acreage partially offset by a slightly higher yield of 168 bushels per acre. Ending stocks reflect the lower production. Average farm price is $3.80 up $0.05 per bushel. 2014/15 supply-demand estimates reflect minor changes in various categories.
2014/15 soybean production was lowered 42 million bushels. Other category changes result in ending stocks being lowered 19 million bushels to 191 million bushels. 2015/16 soybean production was lowered 47 million bushels to 3.888 billion bushels reflecting lower harvested acres and a slightly higher yield. Crush is raised 10 million bushels while exports are lowered 50 million bushels. Ending stocks are reduced 25 million bushels to 425 million bushels. Average farm price is unchanged at $9.15 per bushel.
2015/16 wheat production is reduced 84 million bushels to 2.052 billion bushels. Feed and residual is reduced 20 million bushels and exports are reduced 50 million bushels. Ending stocks were lowered 14 million bushels to 861 million bushels. Average farm price is unchanged at $5.00, however the range is narrowed $0.10 on each end.
The analysis above is not intended as a trade recommendation. The analysis and forecasts are based on available public data and on the best judgment of PRX, but cannot be guaranteed to conform to future reality.
