Higher corn prices predicted

WASHINGTON — Corn farmers are expected to grow less of their crop but sell more to foreign customers, pushing price forecasts higher, the Agriculture Department said Monday.

Less competition from Argentina improved the outlook for exports, the department said in its monthly crop report. The department raised the outlook for corn prices to a range of $1.95 to $2.05 a bushel, up 10 cents on the low end from last month’s outlook.

The price forecast remained steady for wheat, rice and soybeans, the department said.

Farmers are expected to grow 11 billion bushels of corn this year, down from last year’s 11.8 billion bushels, the department said.

A rainy March boosted soil moisture but delayed spring planting in the Corn Belt, where only the southernmost areas have begun planting.

Wheat production is estimated at 2.1 billion bushels, down from last year’s nearly 2.6 billion bushels. The department said the average price should be $3.40 a bushel, which equals the midpoint of last month’s forecast of $3.35 to $3.45.

This year’s rice crop should be 223 million hundredweight, down from 232 million hundredweight last year, according to the report. Prices should average $7.55 to $7.85 per hundredweight, unchanged from last month’s forecast, the department said.

Soybean production is estimated at 3 billion bushels, down from last year’s $3.1 billion bushels. Prices should be $5.45 to $5.75, compared with last month’s forecast of $5.40 to $5.80.

The outlook for beef and poultry prices dipped in the face of stronger-than-expected red meat production. Pork prices should stay steady, the department said.

The department also raised the production and export forecast for cotton.