Washington — The USDA on March 9 released its newest World Agricultural Supply and Demand Estimates (WASDE) report. The report showed unchanged supply and use stats for corn, sorghum, and barley from last month, but the projected range for the season-average corn farm price was narrowed slightly to $5.90-$6.50 per bushel. U.S. soybean supply and use projections for 2011/12 were also mostly unchanged this month. The U.S. season-average soybean price range for 2011/12 is projected at $11.40-$12.60 per bushel, up 30 cents on both ends of the range from last month. Global oilseed production for 2011/12 is projected at 445.7 million tons, down 6.7 million from last month. Foreign production, projected at 354.5 million, accounts for all of the change. The 2011/12 U.S. cotton supply and demand estimates include revisions to domestic mill use and ending stocks, with estimated mill use reduced 100,000 bales from last month, reflecting activity to date. With beginning stocks, production, and exports unchanged, ending stocks were raised to 3.9 million bales. The forecast range for the average price received by cotton producers is 88-93 cents per pound, only slightly changed on the lower end from last month. U.S. wheat ending stocks for 2011/12 were projected 20 million bushels lower this month as lower food use was more than offset by higher exports. Wheat exports were projected 25 million bushels higher based on shipments and sales to date. Prices received by wheat producers for the 2011/12 marketing year were projected at $7.15-$7.45 per bushel, unchanged from last month.
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