ALTOONA, Wis. (WEAU)- Ending stocks and production of corn is expected to be down, according to the latest U.S. Department of Agriculture world agriculture supply and demands report. The report, issued Thursday has 2018 corn production forecast at 14.63 billion bushels, down 152 million compared with the October report but the second-highest harvest on record. The feed and residual use is reduced by 50 million bushels, based on a smaller anticipated crop and higher prices. Exports are reduced by 25 million bushels, based on expectations of increased competition from Ukraine. Ending stocks are down by 77 million bushels compared with October's report. Soybean production also is estimated to be lower, but with increased ending stocks. The 2018/19 bean production is forecast at 4.6 billion bushels, down 90 million bushels compared with October. While the soybean harvest expectations are lower than last month, that production still would be an all-time high. Soybean exports are down - particularly to China - by 160 million bushels, leaving projected ending stocks at 955 million bushels, a 70 million increase compared with last month's report.
The Purdue University-Chicago Mercantile Exchange Group's Ag Economy Barometer had an October rebound compared with last month, taking it to levels equal to last year. Researchers said farmers' perceptions about current conditions and expectations increased during the month. 39 percent of farmers surveyed said they expect higher soybean prices during the next 12 months, while 12 percent said they expect lower prices; 34 percent said they expect higher corn prices during the next 12 months while 11 percent said they expect lower prices.
Wisconsin Department of Agriculture, Trade and Consumer Protection officials are reminding people to not transport firewood from county-to-county during the upcoming fall hunting seasons. Hauling firewood between counties - in many cases illegal - is discouraged to help contain destructive pests such as emerald ash borers and gypsy moths.