October 2015 USDA WASDE Report at a Glance

CORN: Corn production is forecast 30 million bushels lower with harvested area lowered 437,000 acres. Partly offsetting is a 0.5-bushel-per acre increase in the national average corn yield to 168.0 bushels per acre.

SOYBEANS: Soybean production is forecast at 3,888 million bushels, down 47 million with higher yields only partly offsetting reduced harvested area. The soybean yield is forecast at 47.2 bushels per acre, up 0.1 bushels from the September forecast. U.S. soybean exports for 2015/16 are reduced 50 million bushels to 1,675 million on the slow pace of sales and increased competitor supplies.

WHEAT: Projected U.S. ending stocks for 2015/16 are lowered 14 million bushels as decreased production more than offsets a decline in total use. Production for 2015/16 is lowered 84 million bushels based on the latest estimate from the NASS September 30 Small Grains 2015 Summary.

LIVESTOCK, POULTRY, AND DAIRY: Cattle prices for 2015 and 2016 are reduced from last month on current large supplies of marketready cattle, weaker demand and competition from relatively large supplies of competing meats. Hog prices are raised for both 2015 and 2016 as demand has firmed. Broiler prices are lowered for both 2015 and 2016 on relatively large broiler meat supplies. Turkey prices are raised for 2015 on current price strength, but the forecast for 2016 is unchanged from last month.

Egg prices for 2015 are lowered reflecting recent price declines, but the forecast for 2016 is unchanged.

Milk production forecasts for 2015 and 2016 are unchanged from last month. Dairy exports are reduced for 2015 on weaker cheese sales, but are unchanged for 2016. Butter price for 2015 is unchanged at the midpoint, and is raised for 2016.  Cheese prices are raised for 2015 and 2016 on support from domestic demand.

For the complete report: http://www.usda.gov/oce/commodity/wasde/latest.pdf

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