The USDA released its December Crop Production and World Agricultural Supply and Demand Estimates report. USDA dropped soybean ending stocks down to 175 million bushels, 15 million bushels lower than last month due to an increase in the domestic crush.
Total U.S. oilseed production for 2020-2021 is projected at 123.7 million tons, down from last month’s report. The U.S. season-average soybean price is $10.55 a bushel, up 15 cents. The December U.S. corn supply and use outlooks are unchanged from November. The projected season-average farm price is also unchanged at $4.00 a bushel.
The outlook for 2020-2021 U.S. wheat this month calls for slightly smaller supplies, unchanged domestic use, higher exports, and lower ending stocks. Supplies are reduced on lower imports.
Projected ending stocks dropped 15 million bushels to 862 million, 16 percent lower than last year. The season-average farm price for wheat is unchanged at $4.70 per bushel.
