USDA WASDE Report Highlights

In Friday’s World Ag Supply and Demand Reports, USDA lowered old-crop corn stocks by 97 million bushels and soybean stocks by 172 million, to 1.78 billion bushels and 255 million.

USDA sees new crop corn production at 13.53 billion bushels, slightly higher than the average pre-report estimate. The ending stocks estimate came in at 1.6 billion bushels, within the range of pre-report estimates.

USDA estimated new-crop soybean production at 3.89 billion bushels, up from 3.85 billion last month and equal to the highest pre-report estimate.

Globally, USDA made large changes to 2014-15 and 2015-16 ending stocks for wheat to reflect a decline in wheat feeding in China that started in 2013-14.

The U.S. cotton projections for 2015-16 show marginally lower beginning and ending stocks. The production forecast of 14.5 million bales is unchanged from last month, as lower expected abandonment and slightly higher yields offset the reduced planted area indicated in the Acreage report.

U.S. 2015-16 all rice supplies are lowered 11.0 million to 278.4 million due to a production decrease.

U.S. sugar beginning stocks for 2015/16 are decreased by 77,955 short tons, raw value due to changes made in the 2014-15 supply and use balances of less sugar imported from Mexico.

The forecasts for total meat production for 2015 and 2016 are raised from last month. Beef production for 2015 is lowered as fed cattle slaughter in the second quarter is reduced.

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

Source:  NAFB News