The April 2009 USDA World Agriculture Supply and Demand Estimates Report revised supply and utilization for corn and soybeans reflecting latest evaluations. Based on a total supply of 12,101 million bushels of corn, average farm price for the 2008/09 harvest will range from $4.00 to $4.40/bushel which is 2.4% above the previous season. The reports estimates that 26% of the corn crop is destined for ethanol production.
The total supply of soybeans is estimated at 3,160 million bushels with a price range of $9.25 to $10.05 per bushel representing an increase of 3.7% over the previous season. The U.S. will produce 38,641 million tons of soybean meal from the 52% of the soybean crop which will be crushed. Of this total 78% will be for domestic consumption with an average price range of $280 to $300/ton or 1.7% over the previous season.