Highlights from the Feb. 9 WASDE Reports

February 9, 2017 12:04 PM
 
 

USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) report Feb. 9. Here are the numbers you need to know.

Corn

  • Corn used for ethanol production was raised 25 million bushels to 5,350 million.
  • Non-ethanol corn for food, seed and industrial use was raised by 10 million bushels.
  • Corn ending stocks were 34 million bushels lower than in January.
  • Season-average corn price narrowed 10 cents on each end to $3.20 to $3.60 per bushel.

Soybean

  • Supply and use projections for 2016/17 were unchanged, with ending stocks at 420 million bushels.
  • Exports were projected up 114 million bushels to 2,050 million bushels.
  • Record South American exports are expected, limiting U.S. shipments to “well below last year’s record levels this summer.”
  • Season-average price range is unchanged from last month, at $9.10 to $9.90 per bushel.

Wheat

  • Exports are up 50 million bushels to 1,025 million bushels.
  • Food usage is down 3 million bushels to 960 million bushels.
  • Ending stocks are now projected at 1,139 million bushels (the largest since the late 1980s).
  • Season-average farm price is up $0.05 to a midpoint range of $3.85 per bushel.

Sorghum

  • Exports are down 25 million from January.
  • Projected prices are $2.50 to $2.90 per bushel.

Rice

  • Exports are down 2.0 million cwt to 110.0 million.
  • Ending stocks are the highest since 1985/86.
  • The 2016/17 all rice season-average farm price went up $0.10 per cwt with a midpoint of $10.50.

Cotton

  • Exports are up and ending stocks are down from January.
  • Marketing year average prices is projected between 67 and 71 cents per pound, up 2 cents.

Livestock, Poultry and Dairy

  • Total red meat and poultry production for 2017 was lowered.
  • Beef cow numbers are higher than 2016, with producers indicating they are holding more heifers for addition to the breeding herd.
  • Pork production is down in the first quarter.
  • Cattle, hog and broiler price forecasts were all raised to reflect demand strength.
  • Milk production forecast for 2017 was raised from January.

To read the full report, visit www.usda.gov/oce/commodity/wasde/latest.pdf.

 

Back to news


RELATED CONTENT

Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close