USDA Lowers Corn Crop Forecast

The USDA’s latest report lowers the corn crop forecast but in turn raises the price forecast. USDA’s Gary Crawford has more.

CRAWFORD: USDA analysts once again Wednesday taking down the corn crop yield for cast by 1 and a half bushels an acre because of late planting and bad weather. That chops off another 135-million bushels to the expected crop down to 14-billion bushels even. USDA taking the average corn price forecast up a dime from last month to 480 a bushel. Wheat also gaining a dime in the forecast to 6.90 a bushel even though USDA added 2% to their forecast for the winter wheat crop at just over 1.5 billion bushels. Exports have been higher than expected. Wheat stocks by the end of the marketing year could be at a five year low.

Now taking a look a a few selected prices:

Chicago July Wheat ended Wednesday down 13 3/4 at 683.
July corn was off 8 3/4 at 650 3/4.
Portland prices for soft white wheat and club wheat were down 9 to 13.75 at mostly 7.26.
Hard Red Winter Wheat with 11.5 pct protein prices were down 18.50 to 13.50 at mostly 8-46 1/2.
DNS wheat with 14 pct protein prices were down 9.50 at mostly 9.15 1/4
August live cattle were down 17 cents at 119.53 and a half.
August Feeder cattle were up $1.25 at 145.92 and half.
July class III milk was off 24 cents at 18.08.

I’m Greg Martin and that’s Market Line on the Ag Information Network.