USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) report Feb. 9. Here are the numbers you need to know.
- 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.
- 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.
- 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.
- Exports are down 25 million from January.
- Projected prices are $2.50 to $2.90 per bushel.
- 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.
- 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.