WASDE Report Highlights

April 8, 2010 07:00 PM
 
SOURCE: USDA World Agriculture Supply and Demand Report 

WHEAT:
U.S. wheat ending stocks for 2009/10 are projected 51 million bushels lower with higher expected domestic use and exports. 
 Global wheat supplies for 2009/10 are nearly unchanged with a small production increase mostly offset by a decline in beginning stocks.
  • Seed use is 1 million bu. higher than the March 31, 2010.
  • Global wheat supplies are virtually unchanges from March 31. There is a slight tick up (0.2 mill. tons) in the production for Turkey and Afghanistan
  • Both world imports and exports were raised slightly.

COARSE GRAINS:

  • Corn feed and residual use is projected 100 million bushels lower as March 1 stocks and a record January ethanol production indicate lower-than-expected December-February feed and residual disappearance.
  • Projected corn use for 2010 ethanol production is unchanged
  • Corn use for ethanol projections drop 100 mill. bu.
  • Average selling price for 2009/10 marketing year narrow by five cents to $3.50 to $3.70 per bushel
  • Global coarse grain supplies for 2009/10 are projected 5.1 million tons higher this month mostly reflecting larger beginning stocks and production for corn, sorghum and barley
  • World corn production for 2009/10 is raised 2.0 million tons with higher expected production in Brazil and South Africa where growing season conditions have continued to be especially favorable.
  • U.S. feed grain ending stocks for 2009/10 are raised 6 percent with lower domestic use projected for corn, barley, and oats
RICE: No changes are made on the supply side of the U.S. 2009/10 rice supply and use balance sheets. 

OILSEEDS: 

  • Strong export sales through March is expected to bring total exports to a record 1.445 billion bushels, 13 percent above the previous record set in 2008/09
  • Higher planting numbers in March 31 report brings higher seed use numbers
  • The projected U.S. season-average soybean price range is narrowed 25 cents on both ends of the range to $9.20 to $9.70 per bushel.
  • The projected soybean meal price range is narrowed $5 on both ends to $285 to $305 per short ton.
  • The soybean oil price is projected at 33.5 to 36.5 cents per pound, unchanged from last month.
  • Global oilseed production for 2009/10 is projected at 436.7 million tons, up 1.4 million tons from last month. 

LIVESTOCK, POULTRY, AND DAIRY:

  • Higher fed cattle marketings in the first quarter support a higher forecast of beef production despite lower carcass weights in the first part of the year
  • Cow slaughter is increased for the first half of the year
  • Broiler meat production forecasts are raised as year-over-year hatchery data increases have grown and broiler slaughter data point to increasing bird weights.

 

The forecast for 2010 total U.S. meat production is raised as higher beef and poultry production more than offset lower pork output. 


U.S. soybean exports for 2009/10 are increased 25 million bushels this month.
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