The U.S. Department of Agriculture released its March World Ag Supply and Demand Estimates report. This month’s 2016/2017 U.S. corn outlook is for increased corn used to produce ethanol and reduced feed and seed use, leaving ending stocks unchanged from last month.
Global coarse grain production is expected to rise 12.7 million tons from last month. U.S. soybean supply and use changes for 2016/2017 include higher crush, lower exports, and increased ending stocks compared with last month’s report.
Global oilseed estimates include higher production, exports, and global ending stocks compared with last month. U.S. wheat imports are reduced this month by 10 million bushels to 115 million. Ending stocks are projected lower by the same amount.
Global wheat production increased 2.8 million tons, mainly due to larger crops in Argentina and Australia. U.S. cotton forecasts show higher production and exports compared to last month and ending stocks are reduced 300,000 bales.
Total U.S. meat production is forecast to increase from last month as higher beef production will offset lower pork and turkey production. Broiler production is unchanged from last month. Milk production will rise as milk cow numbers are expected to increase more rapidly.