Washington — In its latest World Agricultural Supply and Demand Estimates (WASDE) report released on April 10, USDA projected season-average farm prices for corn at $6.00-$6.40 per bushel. Corn used to produce ethanol in 2011/12 was projected at 5.0 billion bushels, unchanged from last month, and projected 2011/12 corn feed and residual use was also unchanged at 4.6 billion bushels. “The quick start to corn planting this spring and more intended acres across the South raise the potential for a substantial increase in new-crop corn use before the September 1 start of the new marketing year,” USDA said. U.S. soybean exports for 2011/12 were increased 15 million bushels this month, to 1.29 billion. The increase partly offsets reduced export prospects for South America resulting from drought-reduced soybean crops, USDA said. U.S. soybean ending stocks were projected at 250 million bushels, down 25 million from last month. Soybean and soybean product prices were all projected higher this month; the U.S. season-average soybean price range is projected at $12.00-$12.50 per bushel, compared with $11.40-$12.60 last month. This month’s 2011/12 U.S. cotton supply and demand estimates include lower production and higher exports, resulting in a decrease of 500,000 bales in forecast ending stocks. Production was reduced 119,000 bales based on USDA’s March 23 Cotton Ginnings report, USDA said, while cotton exports were raised 400,000 bales, reflecting very strong shipments in recent weeks. Ending cotton stocks are now forecast at 3.4 million bales, equivalent to an ending stocks-to-use ratio of 23 percent. The average price received by cotton producers is forecast at 89-93 cents per pound. U.S. wheat ending stocks for 2011/12 were projected 32 million bushels lower, and global wheat supplies for 2011/12 were lowered 0.5 million tons. The projected range for the 2011/12 season average farm price for wheat was narrowed to $7.20-$7.40 per bushel.
Transparency Across the Fertilizer Value-Chain