WASDE at a Glance for April 12th, 2016

CORN: Corn feed and residual use is projected 50 million bushels lower than last month, while corn use in ethanol production is projected 25 million bushels higher on a stronger-than-expected pace of weekly ethanol production through March. Projected corn ending stocks were raised 25 million bushels. The projected season-average farm price for corn was lowered five cents at the midpoint to $3.55 per bushel.

SOYBEANS: U.S. soybean supply and use changes for 2015/16 include higher exports, lower seed use, and lower ending stocks. Soybean exports were increased 15 million bushels to 1,705 million reflecting stronger global soybean imports led by China. Seed use was reduced slightly. Global soybean production is virtually unchanged at 320.2 million tons.

WHEAT: U.S. wheat endings stocks for 2015/16 are projected 10 million bushels higher on reduced feed and residual use. At 976 million bushels, these would be the largest ending stocks since 1987. The projected season-average farm price was lowered 10 cents on the high end to $4.90 to $5.00. Global 2015/16 wheat supplies were raised 1.0 million tons primarily on increased production, which is a record 733.1 million tons.

LIVESTOCK, POULTRY, AND DAIRY: The 2016 forecast of total red meat and poultry production was raised from last month as higher expected cattle slaughter and heavier carcass weights more than offset a lower pork production forecast. The beef import forecast is raised and exports were reduced from last month based on recent trade data. Pork imports were raised on the strength of the dollar. The broiler export forecast is unchanged from last month, but turkey exports were reduced on a slower pace of export recovery.

The milk production forecast was increased from last month on a slower reduction in the cow inventory and slightly faster growth in milk per cow. The butter and nonfat dry milk price forecast were reduced from last month. Cheese and whey prices are unchanged at the midpoint, but the range was narrowed for cheese. With no change made to cheese and whey, the Class III price was unchanged at the midpoint. The Class IV price is lowered on lower butter and NDM prices.

Credit:  NAFB News