USDA 2013/14 Outlook Highlights: Grains, Oilseeds, Cotton and Livestock

February 22, 2013 12:28 AM
 

via a special arrangement with Informa Economics, Inc.

Highlights of projections for corn, soybeans, wheat and cotton, cattle, hogs and dairy


NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.


Following is a digest of USDA projections for 2013/14 released today at the annual Outlook Forum near Washington, DC:


CORN: Plantings of 96.5 mil. acres, harvested at 88.8 million with a national average yield of 163.6 bu. per acre for a 14.530 billion bu. corn crop. With total domestic use at 11.510 billion (4.675 bil. ethanol; 1.435 bil. non-ethanol food, seed & industrial and 5.4 billion feed/residual) and exports of 1.5 billion bu. puts carryover at 2.177 bil. bu. with an average farm price of $4.80 per bu.

SOYBEANS: Plantings of 77.5 mil. and harvested area at 76.6 million acres and a 44.5 bu. per acre yield results in crop of 3.405 billion bushels. Total domestic use is put at 1.795 billion bu. (crush of 1.660 bill., seed of 87 mil. and residual of 48 mil. bu.) and exports of 1.5 billion bu. puts carryover at 250 million bu. with season average farm price of $10.50 per bushel.

WHEAT: Total seedings of 56.0 million acres and harvested at 46.5 million with a yield of 45.2 bu. per acre brings crop of 2.100 billion bushels. Total domestic use is at 1.332 billion (1.032 billion bu. for food, seed and industrial, 300 million bu. of feed and residual) and exports of 950 million bu. brings carryover to 639 million bu. with a season average farm price of $7 per bushel.

COTTON: Planted area at 10.0 million acres and harvested area of 8.4 million (16 percent abandonment) and a yield of 800 lbs. per acre brings a crop of 14.0 million bales. With total use of 14.8 million bales (mill use is put at 3.5 million bales with exports at 11.3 million bales) brings a carryover of 3.7 million bales with a  season average farm price of 73.0 cents per pound.

LIVESTOCK: Beef production is seen down 3 percent at 25.1 billion pounds, with exports forecast at 2.45 billion pounds and imports outpacing them at 2.57 billion pounds. Average cash cattle price seen at $125 to $134 per cwt. Pork output is seen up 0.7 percent at 23.4 billion pounds, with exports at 5.46 billion pounds with only 800 million pounds of imports. Average price (51%-52% lean live equivalent) seen at $61 to $65. Broiler production seen at 37.3 billion pounds, with exports at 7.25 billion pounds with an average broiler price of 92 to 98 cents per pound.

DAIRY: Daily milk output seen up 0.6 percent even though cow numbers are seen down 0.6 percent. Prices are seen generally higher in 2013 compared to 2012.


 

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.


 


 

 

 

 

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