April 12, 2005

US corn, soy, wheat forecasts

US corn stocks are now expected to amount to 160 million bushels due to reduced domestic consumption and lower export. Corn feed and residual is now at 75 million bushels because of lower than expected feed use reported on March 1.

Exports are also down by 50 million bushels because of increased competition from China and lower global demand. Prices have been lowered to US$2.00 from US$2.10 a bushel.

Wheat has seen a 17-million bushel increase in domestic consumption, lowering initial projected ending stocks. Feed and residual use increased 15 million bushels from last month due to smaller than expected March 1 wheat stocks. Seed use was 2 million bushels higher. The price range is unchanged from last month at US$3.35 to US$3.45 per bushel.

Soybean exports for 2004-2005 were increased by 35 million bushels to 1,080 million bushels this month because of reduced shipments out of South America, and greater demand from China. Ending stocks are projected at 375 million bushels, down 35 million bushels. Soybean price forecasts are slightly raised to US$5.25 to US$5.55 per bushel from US$5.05 to US$5.45 per bushel last month while soybean meal prices are at US$165 to US$175 per short tonne.