Forecasts remain constant with previous estimates
The U.S. Department of Agriculture WASDE report for Dec. 10 is little changed from the previous estimates in November. Imports of corn increased by 5 million bushels and exports declined by a similar quantity. The publication of the report has had little impact on the CBT quotations for corn.
With respect to soybeans, yield was decreased slightly impacting production by less than 1%. Ending stocks declined by 48% to 165 million bushels mainly due to an increase in exports.
Soybean meal supply and utilization remained fairly constant from the previous estimate.
Consistent with domestic and international trends, average farm prices for corn, soybeans and for soybean meal increased, as shown in the tables below.