USDA Report Bearish for Soybeans, Neutral for Other Crops, Livestock

USDA-ERS has released its March 2017 World Agricultural Supply and Demand Estimates (WASDE) reports. Here’s what you need to know – click here for the full analysis.

Corn – Ethanol use was raised 50 million bushels to 5,400 million bushels. Stocks remain unchanged from February, and season-average prices is also unchanged, with a range of $3.20 to $3.60 per bushel.

Global coarse grain production for 2016/17 was raised 12.7 million tons to 1,341 million tons. Countries with higher projected corn exports for 2016/17 include Brazil, Argentina and South Africa.

Soybeans – U.S. supply and use saw higher crush, lower exports and increased ending stocks compared to the February report. Total stocks are projected up 15 million bushels, for a total of 435 bushels. Global supply estimates were raised 3.2 million tons to 646.9 million tons, based primarily on a 4 million ton bump in Brazil’s soybean harvest expectations.

Wheat – U.S. wheat import estimates went down 10 million bushels to 155 million total bushels. Ending stocks were lowered by the same amount to a total of 1,129 million bushels. But despite higher projected global use, ending stocks still increased 1.3 million to 249.9 million.

Cotton – U.S. cotton production is now expected to be 17.2 million. U.S. exports could capture as much as 37% of world trade. The average price range this marketing year is now anticipated to be between 67 and 70 cents per pound, down a penny from January expectations.

Rice – Supply and demand estimates are unchanged this month. Global production is expected to increase, with Brazil production primarily fueling that change.

Livestock – Total U.S. meat production is up from February. Higher forecast beef production has more than offset lower forecasted pork and turkey production. Price forecasts are up from February based on continued demand strength.

Dairy – Milk production forecast was raised, but milk-per-cow estimates were down from January. Exports on a fat basis are unchanged for 2017, with skim-solids basis exports lower due to strong international competition.

Source: AgriMarketing

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