USDA Releases World Ag Supply and Demand Estimates
WASHINGTON, DC – USDA released their latest World Agricultural Supply and Demand Estimate report on Friday. For wheat, the April outlook is for lower supplies, reduced domestic use, unchanged exports, and higher ending stocks. Projected ending stocks are raised to 852 million bushels but are still 17 percent below last year and the season-average farm price is unchanged at $5.00 per bushel. This month’s corn outlook is for greater feed and residual use increased corn used for ethanol production, larger exports, and lower ending stocks. Corn used to produce ethanol is raised 25 million bushels based on the most recent data but the season-average farm price remains unchanged at $4.30 per bushel, as reported prices through February indicate much of the crop was marketed at lower prices. Global coarse grain production is forecast 1.2 million tons higher to 1.4 billion bushels based on higher production, reduced trade, and larger stocks relative to last month. U.S. soybean supply and use changes include higher exports, lower crush, residual use, and seed use, and ending stocks are projected at 120 million bushels, unchanged from the previous forecast. The season-average soybean price is forecast at $11.25 per bushel, up 10 cents. The U.S. cotton supply and demand forecasts show higher exports and lower ending stocks relative to last month but production and domestic mill use are unchanged. The export forecast is raised 250,000 bales, to 15.75 million, based on the pace of recent sales and shipments. Ending stocks are now forecast at 3.9 million bales, equivalent to 22 percent of total disappearance. The marketing year price received by upland cotton producers is projected to average 68 cents per pound, a reduction of 1 cent from last month. With lower global beginning stocks this month—combined with slightly lower production and higher consumption—ending stocks are 1.1 million bales lower, while projected trade is more than 900,000 bales higher.
(SOURCE: All Ag News)