In Tuesday’s World Ag Supply and Demand Estimates report, exports are up, while ending stocks continue to shrink.
Corn exports increased 7.6 percent over last month’s figures, up to 1.75 million bushels or about 44,000 metric tons. The export increase on soybeans was a little more muted, at 3.2 percent: 1.58 million bushels, or about 43,000 metric tons.
Ending stocks are lower on both corn and beans; down 8.5 percent and 6.8 percent respectively. Soybeans in particular continue a downward trend into levels best characterized as “very tight.”
The average farm price on corn rose to a range between $4.40 cents and $4.80 per bushel, while the range of prices on soybeans narrowed to between $12.50 and $13.50 per bushel. Bean prices were more restrictive than last months’ range of $12.20 to $13.70 per bushel.