The United States Department of Agriculture (USDA) anticipates decreased soybean and corn production during the upcoming year, while soybean oil production is projected to rise according to the agencies World Agricultural Supply and Demand Estimates (WASDE) report.
The USDA projects corn and soybean production during the upcoming year to total 14.1mn/bu and 4.3mn/bu, a 6.6pc and 1.4pc fall, respectively, from the previous year.
Soybean oil production, however, is estimated to rise slightly by 0.9pc to 22.6mn/lbs.
Soybean oil consumption as a biodiesel feedstock is estimated to total 6.5mn/lb, up from 2016/17 estimates of 6.2mn/lb. Corn consumption for ethanol production is projected to total 5.5mn/bu, a 0.92pc rise from the previous year.
Corn acres planted and harvested are estimated to reach 90mn acres and 82.4mn acres, a 4mn acre fall each.
The USDA soybean acres planted and harvested estimates are expected to rise relative to corn, with acres planted and harvested for 2017/18 totaling 89.5mn acres and 88.6mn acres, a 6.1mn acre, and 5.9mn acre rise, respectively, from the previous year.
Average farm price for corn, soybeans, and soybean oil is estimated to remain in line with each product’s current 2016/17 estimates.