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USDA’s June Forecast for 2014/15 Production and Season-Average Farm Prices

wheatWheat: $6.35 to $7.65 per bushel, down 30 cents on each end due to larger expected carryout, higher global production and recent declines in futures prices.

cornCorn: Slower than normal start to growing season is offset by favorable early season crop and weather conditions. Aggregated crop conditions in Corn Belt states better than any time since 2007. Projected yields remain at 165.3 bushels per acre, with projected range of $3.85 to $4.55 per bushel.

soybeansSoybeans: $9.75 to $11.75 per bushel, unchanged from May.

soybean mealSoybean meal and oil: $355 to $395 per short ton, unchanged from May.

beefBeef: Slower pace of steer and heifer slaughter in second quarter lowers production forecast.

Pork: Increased second quarter slaughter increases production forecast.

broilerBroiler: Production forecast lowered as pace of expansion slows. Prices up for 2014 under tighter supply forecast.

eggsEggs: Production is up with strong table egg prices expected to support increased production.

dairyDairy: No change from May milk production forecast. Higher prices for cheese due to strong demand and for butter due to tight supplies. All milk price is forecast at $22.90 to $23.30 per cwt for 2014 and $19.75 to $20.75 per cwt for 2015.

Source: World Agriculture Supply and Demand Estimates, June 11, 2014.

Full report: http://usda.mannlib.cornell.edu/usda/current/wasde/wasde-06-11-2014.pdf

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