USDA raises soybean supply estimate on Canadian imports
By Daniel Enoch
© Copyright Agri-Pulse Communications, Inc.
WASHINGTON, D.C., Feb. 10, 2014 - Estimated U.S. soybean supplies for the current marketing year are 5 million bushels higher than projected a month ago, thanks to increased imports, mostly from Canada, according to USDA.
The total supply in the year ending Aug. 31 will be 3.459 billion bushels, including 30 million bushels of imports, the department said today in a monthly report. Cash prices will average $12.70 a bushel, USDA said, up 20 cents from the month ago forecast.
Unsold supplies of U.S. corn before the next harvest will fall to 1.481 billion bushels, down 150 million bushels from the January forecast, as exports increase, according to the report. Overseas shipments for the year are seen jumping to 1.6 billion bushels, up 150 million bushels from last month's projection.
Corn at the farm gate will average $4.50 a bushel, USDA said, up 10 cents from the most recent forecast.
Ending stocks of U.S. wheat for the 2013-2014 market year are seen at 558 million bushels, down 50 million bushels from January, as higher expected food use and exports more than offset an increase in projected imports.
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