The USDA forecasts corn production at 80 million bushels higher. This will set a record at 14,475 million bushels. Corn supplies for 2014-15 are projected 129 million bushels higher than last month at 15.736 billion bushels.
Both production and beginning stocks are up from last month’s Grain Stocks report.
In its latest World Agricultural Supply and Demand Estimates report, the USDA projected U.S. corn use for 2014-15 up 50 million bushels. The projected price range has been lowered 10 cents on either end, down to $3.10 to $3.70 per bushel.
U.S. soybean production is also expected to be a record for 2014-15, hitting 3.927 billion bushels, up 14 million from last month.
Prices for soybeans and related product are unchanged this month.