May 15, 2024: Dairy Week in Review

USDA’s latest World Agricultural Supply and Demand Estimates report
shows domestic supplies of both corn and soybeans increasing.
Estimates are that the US will produce 14.86 billion bushels of corn this
year, down 3.1 percent from last production season. However, with
higher beginning stocks, the 2024-2025 corn supply is expected to
increase 1.1 percent form a year ago. The average farm price estimate
for corn was lowered 25 cents to $4.40 per bushel. Soybean production
is projected to increase 6.8 percent to an estimated 4.45 billion bushels.
Higher than expected beginning stocks are expected to add to the
increase in supply, up 7.9 percent to 4.805 billion bushels. The soybean
price estimate was lowered $1.35 to $11.20 per bushel. Meal prices
were lowered by $50 to $330 per ton.

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