07-12-16 USDA releases July 2016 WASDE Report…

WAOB- World Ag Outlook Board - WASDE

The July World Agricultural Supply and Demand Estimates (WASDE) is now available in PDF, XML, and Microsoft Excel formats at: http://www.usda.gov/oce/commodity/wasde/latest.pdf

Acrobat Reader, which is required to view and print the WASDE report, can be downloaded at: http://www.adobe.com/products/acrobat/readstep2.html


Previous WASDE reports are available at http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1194.

NAFB’s WASDE at a Glance (courtesy of NAFB News Service)

CORN: Corn beginning stocks for 2016/17 are lowered seven million bushels as reductions in feed, residual and ethanol use are more than offset by increases in exports and seed use. Corn production for 2016/17 is projected 110 million bushels higher reflecting the increased planted area from the June 30 Acreage report. Exports are projected 100 million bushels higher on reduced competition from Brazil. Corn ending stocks for 2016/17 are projected 73 million bushels higher. Projected season average prices for 2016/17 are lowered for all the feed grains, with corn down 10 cents to $3.10 to $3.70 per bushel.

SOYBEANS: Soybean production is projected at 3,880 million bushels, up 80 million due to increased harvested area. The soybean yield is projected at 46.7 bushels per acre, unchanged from last month. Soybean supplies are raised 60 million bushels with lower beginning stocks partly offsetting production gains. Soybean ending stocks are projected at 290 million bushels, up 30 million from last month. Soybean exports for 2015/16 are projected at 1,795 million bushels, up 35 million bushels. The U.S. season-average soybean price for 2016/17 is projected at $8.75 to $10.25 per bushel, unchanged from last month.

WHEAT: Projected U.S. supplies for 2016/17 are raised 180 million bushels this month on increased production. Winter wheat yields are projected to be record high, and spring wheat yields are slightly above average. U.S. exports are raised 25 million bushels to 925 million, which would be the highest in three years. Ending stocks are raised 55 million bushels to 1,105 million bushels and the season-average farm price is lowered $0.20 per bushel to a projected range of $3.40 to $4.20. Global 2016/17 wheat supplies are raised 9.2 million tons to 983.0 million on increased production as well.

RICE: U.S. 2016/17 all rice supplies are raised 12.0 million hundredweight to 309.9 million on a production increase. Long-grain production is raised 2.0 million hundredweight while combined medium- and short-grain production is raised 12.0 million. Beginning stocks are reduced 2.0 million hundredweight and all rice ending stocks are forecasted at 56.9 million hundredweight, the largest since1985/86. The all rice season-average farm price is lowered $0.40 per hundredweight to a projected range of $11.20 to $12.20.

COTTON: The U.S. 2016/17 cotton projections show higher production offset by higher exports, with beginning and ending stocks revised down from last month. The 1.0-million-bale increase in the crop projection is attributable mainly to higher planted area. Domestic mill use is unchanged, but exports are projected sharply higher due to the larger U.S. supply and an expectation of continued tight foreign stocks. The projected range of 52 to 66 cents per pound for the marketing year average price received by producers is raised 5 cents on the lower end and reduced one cent on the upper end; the midpoint of 59 cents is raised 2 cents from last month.

SUGAR: Sugar production for the fiscal year 2016/17 is increased 250,896 short tons, raw value to 8.961 million. Sugarbeet planted area is forecast at 1.166 million tons, up slightly from last year. Projected 2016/17 beet sugar production for the August/July crop year is increased to 5.333 million short tons, raw value. NASS projects sugarcane harvested area at 918,200 acres, up 3.5 percent from last year. Imports for 2016/17 are reduced to 3.068 million short tons, raw value.  Exports to the United States are projected to decrease to 1.173 million.

LIVESTOCK, POULTRY, AND DAIRY: The forecast for total red meat and poultry production for 2016 is raised from last month. Beef production is forecast higher largely on the pace of slaughter in the second quarter. Pork production for 2016 is also raised, based on second quarter slaughter. Broiler production for 2016 is raised on year-to-date production and hatchery data. The turkey production forecast is raised on second quarter production data. For 2017, pork production is reduced. The milk production forecast for 2016 is lowered from last month as the pace of cow herd expansion has slowed. Cheese, butter, nonfat dry milk, and whey prices for 2016 and 2017 are forecast higher as demand remains robust.