Latest World Agricultural Supply and Demand Report Neutral

WASHINGTON, DC – The supply and demand outlook for U.S. wheat is mostly unchanged this month though there are some changes to exports and imports. According to USDA’s latest World Agricultural Supply and Demand Estimates (WASDE) Report, white wheat exports are raised on continued strong sales and shipments to China and South Korea. Conversely, Hard Red Winter exports are lowered as commitments to several Western Hemisphere markets are below a year ago. The season-average farm price is unchanged at $5.00 per bushel. This month’s U.S. corn supply and use outlook are unchanged from last month with the projected season-average farm price remaining at $4.30 per bushel. U.S. soybean supply and use projections are mostly unchanged this month, projected at $11.15 per bushel. This month’s U.S. cotton forecasts show lower production, consumption, and ending stocks relative to last month with the projected marketing year average price received by upland producers of 69¢ per pound is up 1¢ from last month. Production is reduced 250,000 bales to 14.7 million, based on the March 9th Cotton Ginnings report and the final estimates for this season’s U.S. area, yield, and production will be published in the May 2021 Crop Production report. Consumption is reduced 100,000 bales due to the industry’s lagging recovery from the previous year’s sharp losses and ending stocks are 100,000 bales lower this month at 4.2 million bales. The 2021 forecast for total red meat and poultry production is lowered from last month as lower expected pork, broiler, and turkey production more than offsets slightly higher beef production.
(SOURCE: All Ag News)