WASHINGTON — New crop season-average corn and soybean price projections were unchanged as the U.S. Department of Agriculture made minor tweaks in the June supply-demand balance sheet.

Data from the USDA report is used by producers and merchandisers to make informed market decisions.

U.S. corn ending stocks for the 2014-2015 marketing year were left unchanged from last month’s report at 1.726 billion bushels and old-crop corn year-end stocks remained at 1.146 billion bushels.

Projected corn production for 2014-2015 is unchanged at a record 13.935 million bushels.

The projected U.S. corn yield remains at 165.3 bushels per acre as a slightly slower-than-normal mid-May planting progress is expected to be offset by very favorable early season crop and weather conditions.

“U.S. crop conditions in the most recent crop progress report are the best in four years for the aggregated 18 reported states and better than any time since 2007 for the Corn Belt,” the USDA said in its world agricultural supply and demand estimates.

The projected range for the 2014-2015 season-average farm price was unchanged at $3.85 to $4.55 per bushel and below this month’s lower projected 2013-2014 range of $4.45 to $4.65 per bushel.

The 2013-2014 price range was lowered 10 cents per bushel at the midpoint based on prices reported to date and the recent decline in nearby cash and futures prices.

Global coarse grain supplies for 2014-2015 are projected 2.3 million tons higher mostly with larger corn beginning stocks and production.

Global 2014-2015 coarse grain trade was mostly unchanged this month except for small increases in corn and barley imports for Turkey.

Global corn consumption was raised 1.8 million tons with increased feed use projected for Turkey, the European Union, Ukraine and Russia.

Global corn ending stocks for 2014-2015 are projected 0.9 million tons higher with increases for Argentina, Brazil, Colombia, Egypt, India and Russia partly offset by reductions for China, Ukraine and South Africa.

Soybean Outlook

This month’s U.S. soybean supply and use projections for 2014-2015 include a small reduction in beginning and ending stocks. Lower beginning stocks reflect a higher crush projection for 2013-2014.

Soybean crush for 2013-2014 was raised 5 million bushels to 1.7 billion, reflecting an increase in projected soybean meal exports.

Soybean meal exports are projected at 11.5 million short tons, up 0.4 million from last month, reflecting stronger-than-expected shipments this spring.

Soybean ending stocks for 2013-2014 are estimated at 125 million bushels, down 5 million from last month.

Ending stocks for 2014-2015 also were reduced 5 million bushels to 325 million.

The 2014-2015 season-average price for soybeans is projected at $9.75 to $11.75 per bushel, unchanged from last month.

Soybean meal and soybean oil prices are projected at $355 to $395 per short ton and $37 to $41 per pound, respectively. Product price projections also are unchanged from last month.

Global oilseed production for 2014-2015 is projected at 516 million tons, up 0.8 million from last month.

Ending global soybean stocks for old crop were increased from 66.98 million tons last month to 67.17 million this month, while 2014-2015 soybean stocks were projected at 82.88 million compared to 82.23 million in the May estimate.

Wheat Report

Projected U.S. wheat supplies for 2014-2015 were lowered this month as an increase in beginning stocks was more than offset by a reduction in forecast winter wheat production.

Beginning stocks are raised with a 10-million-bushel reduction in 2013-2014 food use and offsetting 5-million-bushel reductions in 2013-2014 imports and exports.

Projected production for 2014-2015 is down 21 million bushels as reduced prospects for hard red winter wheat in the southern and central plains and white winter wheat in the Pacific Northwest more than outweigh higher forecast soft red winter wheat production across the south and Midwest.

Projected food use was lowered 10 million bushels for 2014-2015 and for 2013-2014. This month’s reduced outlook for food use assumes a higher flour extraction rate for both marketing years.

Exports for new crop wheat are projected 25 million bushels lower with tighter supplies of HRW wheat and stronger competition from major exporters.

Projected ending U.S. wheat stocks were increased 34 million bushels from last month.

The projected range for the 2014-2015 season-average farm price was lowered 30 cents on both ends to $6.35 to $7.65 per bushel based on the larger expected carryout, higher global production and recent sharp declines in futures prices.

Global wheat supplies for new crop were raised 4.1 million tons as a 5.2-million-ton increase in foreign production is only partly offset by a 0.8-million-ton reduction in foreign beginning stocks and this month’s lower U.S. production outlook.

World production for 2014-2015 is projected at 701.6 million tons, up 4.6 million from last month with increases for India, the European Union, China and Russia more than offsetting the decline in U.S. output.

Global wheat trade and consumption for 2014-2015 were raised with larger foreign supplies. Trade and consumption also were raised for old-crop wheat.

Increases in world imports and exports for this year are relatively small, but world consumption was raised 2.9 million tons with increased feeding expected in China and the European Union and increased food use projected for India, all supported by larger crops.

Exports for 2014-2015 were raised 0.5 million tons each for the European Union and Russia, more than offsetting this month’s reduction in U.S. export prospects.

World wheat ending stocks for 2014-2015 are projected 1.2 million tons higher with much of the increase in the U.S. At 188.6 million tons, global stocks are up 2.6 million tons year-to-year.